On September 17, 2026, the U.S. Securities and Exchange Commission (SEC) introduced a five-year 'Innovation Exemption' policy, allowing eligible platforms to trade tokenized U.S. stocks with full shareholder rights on public permissionless blockchains via automated market makers and liquidity pools, without the need to register as national securities exchanges. The policy excludes synthetic products that merely track prices, aiming to foster technological innovation while maintaining investor protection mechanisms.
