The SEC has approved a five-year experiment allowing tokenized U.S. stock trading, benefiting firms like Securitize and Bullish that create tokens representing actual shares with full shareholder rights. Synthetic stock tokens from Robinhood and Kraken fall outside the framework, while DeFi platforms like Uniswap may participate under KYC requirements. Companies retain veto power over tokenization of their shares.
The SEC issued a 5-year conditional exemption allowing tokenized securities venues to operate without registering as exchanges, enabling automated trading of blockchain-based securities that represent real ownership. The exemption excludes synthetic derivatives and requires tokens to provide the same rights as traditional securities, including dividends and voting rights.