**[The First Batch of Tokenized Stock Trading Platforms May Begin to Take Shape as Early as Next Quarter]** According to a report by Jinse Finance, on September 22, Taylor Lindman, Chief Legal Advisor of the SEC's Crypto Special Task Force, stated in an interview that under the U.S. SEC's five-year "Innovation Exemption" framework, the first compliant tokenized stock trading platforms are expected to gradually roll out as early as next quarter. This exemption has officially come into effect, allowing qualified platforms to conduct tokenized U.S. stock trading on public blockchains through permissioned automated market makers (AMMs) and liquidity pools. Institutions planning to enter the space are required to issue operational notices publicly and report to the SEC within one business day of publication. These public notices will also serve as key indicators for the market to identify which companies are entering this sector. Lindman predicts that there will be some time lag in companies submitting these notices, with most likely occurring next quarter. SEC Commissioner Hester Peirce and Lindman both emphasized that this model is "more akin to on-chain finance rather than true DeFi." Each trading platform will have a clearly defined operating entity responsible for compliance, rather than being a fully intermediary-free, decentralized peer-to-peer financial system.