The SEC has officially opened a 5-year experimental window for 'tokenizing U.S. stocks'! Eligible platforms can trade certain U.S. stocks using on-chain AMMs and liquidity pools, but there’s a key condition: they must correspond to real securities rights—dividends and voting rights cannot be omitted. Synthetic stocks that only track stock prices don’t count. This set of rules isn’t designed for DeFi but rather provides a compliance pathway for on-chain securities intermediaries. The bigger goal is already clear: tokenized stocks are just the first step. The SEC is paving the way for 24/7 U.S. stock trading and on-chain settlement.