[The SEC Requires Tokenized Stock Smart Contracts to Be Publicly Auditable and Deployed on Permissionless Ledgers] According to an SEC press release, the innovative exemption mandates that smart contracts used by Tokenized Securities Venues (TSVs) must be auditable, public, and deployed on open, permissionless distributed ledgers. TSVs are also required to synchronize trading halts of tokenized NMS stocks with the primary listing exchange of the respective stock and publicly disclose their operations, trading activities, and those of related parties. For stocks tokenized by unrelated third parties, TSVs must provide prior written notice and an opportunity to object to the issuer. This exemption will expire five years from the date of publication.