The US Securities and Exchange Commission (SEC) will announce a new regulation called "Innovation Exemption" as early as this week. SEC: No permission is required, but "stock tokens" can be issued directly, supporting 24/7 trading. The SEC's "Innovation Exemption" this time clearly divides tokenized stocks into two categories: Category 1: Issued by listed companies themselves or authorized by others It can be understood as the 'official version'. For example, Apple makes its own decisions and puts 1 share of Apple stock on the chain to become 1 token for circulation. This is not controversial, logically similar to the previous ADR (American Depositary Receipts), only with a new technical shell. Category 2: Issued by third parties without the company's consent The meaning is that a certain cryptocurrency exchange or DeFi protocol can bypass Apple and create its own token that tracks Apple's stock price, which can be traded on the chain. Apple is completely unaware, uninvolved, and unable to prevent it. The attitude of the SEC is: we also allow the second type, but your token must give its holders voting rights and dividends, otherwise it will be taken down.