Goldman Sachs analysts identified Coinbase and Robinhood as primary beneficiaries of the SEC’s new Innovation Exemption, a five-year regulatory framework for tokenized stock trading. This exemption creates a category called Tokenized Securities Venues (TSVs), allowing platforms to trade tokenized equities without registering as traditional exchanges, provided they meet full shareholder rights requirements. Coinbase shares rose approximately 5-11% and Robinhood jumped about 9.6% following the announcement. Circle was also flagged as a potential winner due to its role in stablecoin infrastructure for onchain transactions. The SEC indicated this sandbox could inform future permanent regulations.
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