**[Rumored SEC to Introduce Major Tokenized Securities Innovation Exemption, May Allow Direct On-Chain Trading Without Traditional Platforms]** BlockBeats News, September 9: Andy, founder of The Rollup, posted that rumors are circulating about the U.S. Securities and Exchange Commission (SEC) preparing to launch the largest-ever innovation exemption policy for tokenization. This policy may allow tokenized securities to be traded solely through registered transfer agents without requiring broker-dealer licenses or adherence to traditional trading platform or ATS-related rules. Reportedly, it could cover both U.S. retail investors and overseas investors. Andy stated that if the rumors are true, the potential impact would be significant. Tokenized funds could be issued and traded directly in the form of on-chain tokens, with transfer agents maintaining legal ownership registration on-chain. Meanwhile, the underlying assets held by the fund, such as stocks and bonds, could also be further tokenized, creating an "on-chain trading system of fund tokens + underlying asset tokens." Andy further mentioned that one major fund has already received the SEC's "green light," though this has not yet been officially confirmed. He speculated that ARK, Fidelity, or BlackRock might be potential participants. If the policy is ultimately implemented, U.S. asset management institutions may accelerate the issuance of native equity tokens to compete for 24/7 liquidity and on-chain distribution channels, rather than waiting for third parties to mirror traditional securities into tokenized forms. He also linked this potential policy shift to recent moves by the Trump administration to open up crypto market regulation and the CFTC's push to bring perpetual contracts into the U.S. market. Andy believes that the U.S. regulatory environment may be gradually opening the policy gates for on-chain finance. [Original Link]