SECLicensingSeptember 22, 2026

SEC Grants Temporary Relief for Tokenized Stock Trading Venues and Liquidity Providers

The SEC has issued a temporary conditional exemption allowing certain distributed ledger-based trading venues to operate tokenized NMS stocks without being classified as a registered 'Exchange,' and permitting certain liquidity providers in those markets to avoid the 'Dealer' definition. This is a significant development for firms building or participating in tokenized securities platforms, as it signals the SEC is actively shaping the regulatory perimeter for on-chain capital markets. Compliance officers at firms handling tokenized securities should monitor the accompanying request for comment to understand the conditions attached and the direction of future rulemaking.

What to do

Review the full exemptive order and request for comment to assess whether your firm's tokenized securities activities fall within the relief's scope, document your analysis, and consider submitting a comment to help shape permanent rules.

Who this affects

Crypto ExchangeBroker-Dealer / RIADeFi / Web3Crypto CustodianTrust Company

Does this affect your program?

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Source

Read the official publication

This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

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