SEC launches five-year innovation exemption, allowing tokenized US stocks to trade through license based AMM On September 17th, the SEC officially issued an "innovation exemption," providing a conditional compliance pathway for tokenizing US stocks through public chain trading. A tokenized securities trading venue that meets the requirements can conduct transactions using Automated Market Makers (AMMs) and liquidity pools with access restrictions, and obtain temporary exemptions as defined by the "exchange". Entities that meet the conditions and provide tokenized stock liquidity to these pools with their own funds can also obtain exemption from the definition of "trader". The relevant exemptions will expire five years after their release, and the SEC will continue to solicit public opinions. It is worth noting that smart contracts must be public, auditable, and deployed on a public, permissionless blockchain, but participants in transactions must meet the platform's admission requirements. Stock token holders must also enjoy the same rights as traditional stocks of the same category, including the dividends, voting, and other rights that this category of stocks should have. Products that provide synthetic exposure are not included in this scope. Before the launch of third-party tokenized stocks, the original issuer needs to be notified in writing, and the issuer has the right to raise objections and prevent them from trading on such platforms. This also means that even if it is technically possible to turn a certain stock into a token, whether it can be launched is still constrained by the issuer's willingness and regulatory conditions. Of course, the platform also needs to meet the requirements of US entities, sanctions compliance, information disclosure, etc. There are limits on the number and trading volume of stock varieties. The original stock must be suspended from trading on major listed exchanges, and must be suspended synchronously on the chain. Anti fraud and anti manipulation regulations also continue to apply. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market