The exemption creates a new framework for trading tokens that represent ownership or exposure to publicly traded companies. People familiar with the matter told Bloomberg the move is imminent, placing it among the most significant regulatory actions taken under SEC Chair Paul Atkins.

The Trump administration has pushed steadily to integrate blockchain technology into traditional securities markets since early 2025. The SEC approved Nasdaq’s rules for tokenized equities in March 2026, followed by a similar approval for the New York Stock Exchange (NYSE) in April 2026.

Both exchanges now allow tokenized versions of select equities and exchange-traded funds (ETFs) to trade alongside traditional shares using the Depository Trust Company’s tokenization pilot. The innovation exemption takes a different approach. Where the Nasdaq and NYSE approvals kept tokenized trading within the existing market structure, the new exemption targets broader onchain trading.

It is designed to allow crypto-native platforms to offer tokenized stocks under lighter regulatory requirements during an experimental period. The SEC has discussed the exemption since mid-2025 as part of what Atkins called “Project Crypto.” Industry participants submitted comments throughout that process, including pushback from traditional exchanges that warned of diluted investor protections and unfair competition.

Under the expected framework, platforms may be able to offer tokenized stocks without securing full broker-dealer or exchange registrations in certain cases. The exemption is expected to include guardrails such as exposure limits, disclosure requirements, and restrictions tied to its temporary or conditional nature.

In January 2026, the SEC issued guidance clarifying that tokenizing a security does not change its regulatory classification. Federal securities laws still apply based on economic substance, meaning tokenized stocks remain subject to the same rules as their underlying instruments.

The practical benefits of tokenized stock trading include faster settlement times, fractional ownership, reduced transaction costs, and the ability to trade around the clock. Those features have drawn interest from decentralized finance platforms and from investors seeking broader access to U.S. equity markets.

Entities such as Coinbase could benefit if the exemption allows crypto platforms to offer compliant tokenized stock trading without full registrations. Decentralized finance ( DeFi) protocols seeking to list tokenized equities onchain would also fall within the exemption’s apparent scope.

Traditional financial institutions have raised objections throughout the rulemaking process. Banks and exchanges have argued that the sandbox-style approach creates competitive imbalances and weakens safeguards around custody, anti-money laundering compliance, and market fragmentation.

The SEC has not yet published the exemption on its website. Full details, including eligible participants, scope, and specific conditions, will likely be available upon official release at sec.gov. The move fits the current administration’s broader effort to modernize market structure through joint SEC and CFTC coordination, token taxonomy work, and onchain settlement modernization.

Atkins has positioned the agency as a facilitator of financial innovation, and the tokenized stock exemption represents the clearest step yet toward allowing blockchain-based trading of regulated securities at scale in the United States.

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