"What's truly been opened up, and what hasn't been opened up? What’s been opened up: • On-chain secondary trading within a licensed and controlled environment • Using AMM/liquidity pools for matching, instead of traditional order book exchanges • Tokens must correspond to real stock rights: dividends, voting rights, etc., consistent with traditional stocks • Issuers can tokenize their own assets; third parties can also tokenize, but they must provide written notice to the issuer in advance, and the issuer has the right to object What hasn’t been opened up: • Not public chain DeFi accessible to anyone • Synthetic tokens/“stock tokens” without real shareholder rights are explicitly excluded. Those that only track stock prices without dividends or voting rights are not covered under this exemption • Not unlimited scope or volume. There are limits on the number of assets and trading volume • Not a permanent license; the exemption expires five years after being announced • TSV must be U.S.-based/U.S. entities and comply with OFAC sanctions regulations #Crypto #DeFi #Blockchain #Tokenization #Finance #Regulation