[U.S. SEC Approves Innovative Exemption, Allowing Limited Trading of Tokenized NMS Stocks on On-Chain Platforms] The U.S. Securities and Exchange Commission (SEC) stated that tokenization has the potential to reduce costs in market infrastructure processes such as issuance, trading, transfer, settlement, and ownership recording, while enhancing transparency and liquidity. Today, the SEC approved a temporary and conditional 'Innovation Exemption,' allowing limited trading of tokenized NMS stocks on certain on-chain platforms—Tokenized Securities Venues (TSVs). It is reported that TSVs meeting the exemption criteria can conduct approved trading through automated market makers and liquidity pools, but must comply with requirements for public disclosure, trading transparency, circuit breaker coordination, record-keeping, and technical safeguards. Additionally, they are subject to restrictions on the number of stock tickers and trading volume limits.