The SEC approved a five-year temporary exemption allowing the trading of tokenized US stocks on regulated on-chain platforms, specifically targeting Tokenized Securities Venues and automated market makers. Coinbase, Kraken, Robinhood, Ondo and Nasdaq had been awaiting this approval, long promised by Paul Atkins under the « innovation exemption » framework. The tokenized stocks market grew from tens of millions of dollars in early 2025 to nearly $2.8 billion by September 17, 2026, according to RWA.xyz data. This exemption only covers tokens directly representing shares with shareholder rights, not synthetic tokens like Backed’s xStocks that replicate prices without attached rights. The limited duration and data collected during this period will serve as input for the permanent rule the SEC has placed on its agenda.
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