[On-Chain Secondary Trading Pathway Opened, SEC Issues 5-Year Innovation Exemption for Tokenized Stocks] Odaily Planet Daily News: Galaxy's Head of Research posted on the X platform, stating that the U.S. Securities and Exchange Commission (SEC) has issued an 'Innovation Exemption' to establish a pathway for on-chain secondary trading of tokenized stocks. This exemption will be effective from September 17, 2026, to September 17, 2031, and applies to specific tokenized securities trading venues that offer permissioned automated market makers and liquidity pools. These trading venues must be deployed on public, permissionless blockchains, but trading is restricted to verified or authorized participants. Eligible tokens must correspond to actual U.S. National Market System stocks and grant the same shareholder rights as traditional stocks. The exemption does not cover primary issuance, synthetic exposures, or products lacking legal or beneficial rights to the underlying stocks. Galaxy stated that it is exploring the next steps to enable on-chain secondary trading of GLXY.