Goldman Sachs and Citizens analysts say the SEC's introduction of a 5-year 'innovative exemption' framework, allowing eligible tokenized U.S. stocks to trade via automated market makers (AMM) on public blockchains, could create opportunities for Coinbase, Robinhood, and Circle. Coinbase could benefit from custody services, tokenization infrastructure, stablecoins, and its Base business, but since its existing exchange uses an order book model, it might need to add AMM infrastructure if it directly operates related trading venues. Robinhood's currently issued overseas stock tokens lack full shareholder rights and would need product adjustments to comply with the U.S. framework. Circle could benefit from USDC's settlement and collateral demand in on-chain markets. Analysts believe trading volume limits, issuer veto rights, and AMM's limitations in deep markets may restrict the policy's impact on traditional exchanges. (CoinDesk) https://(wublock123.com)/news/sec-innovative-exemption-framework-benefits-coinbase-robinhood-circle-68705