I see that some friends have an understanding of this innovative exemption that is somewhat advanced.

1. This exemption does not mean that "most US stocks can go on-chain."

The number of stock varieties allowed for trading and the trading volume both have limits, and the volume restriction is also set according to the applicable limit-up/limit-down (LULD) tier for the stocks. If the original stock is suspended on the major exchange, it must also be suspended on-chain. This is a controlled pilot program with clear constraints on scope and trading scale.

2. It does not mean that "anyone can do it without broker permission."

The exemption targets two types of eligible entities:

A. The platform is temporarily not recognized as an "exchange" within the specified scope.

B. Entities providing liquidity for tokenized stocks to licensed AMM pools with their own funds are temporarily not recognized as dealers.

Other registration requirements, such as for securities brokerage, have not been waived. The platform must still be a US entity, comply with OFAC sanctions regulations, operate openly, disclose trading data, and continue to adhere to anti-fraud and anti-manipulation rules.

3. It does not mean that "anyone can enter the pool for trading."

Smart contracts must be public, auditable, and deployed on a public, permissionless blockchain, but trading qualifications operate on a licensing basis, and participants still need to meet the platform's access requirements. The chain being open does not mean trading is open to everyone; just because a wallet is connected does not mean there is eligibility to buy or sell.

In simple terms, the SEC allows eligible platforms to initially conduct on-chain stock trading in a small scope, with limits on the types of stocks and trading volume. Developers can use public chains to build platforms and establish funds, but to open a platform, regulatory requirements must be met. Users must also pass platform reviews to gain trading qualifications before being able to buy or sell.

@Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFD, and prediction markets

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