Sources say the US SEC plans to introduce a major innovation exemption for tokenized securities, which may allow direct on-chain trading bypassing traditional trading platforms.
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Andy, founder of Rollup, published a post stating that market rumors suggest the U.S. Securities and Exchange Commission (SEC) is preparing to roll out its largest-ever tokenization innovation exemption policy. The policy would potentially allow tokenized securities to trade exclusively through registered transfer agents, eliminating the need for broker-dealer licenses or compliance with rules for traditional trading platforms or alternative trading systems (ATS), and is reportedly set to cover U.S. retail investors and overseas participants. Andy noted that if the news is true, the potential impact would be significant. Tokenized funds could be issued and traded directly as on-chain tokens, with transfer agents maintaining legal ownership records on-chain. Meanwhile, underlying assets held by funds—such as stocks and bonds—could also be further tokenized, forming an on-chain trading system of "fund tokens + underlying asset tokens". Andy further added that a major fund has received the SEC's "green light", though this has not been officially confirmed. He speculated that potential participants could include ARK, Fidelity, or BlackRock. If the policy is ultimately implemented, U.S. asset management firms may accelerate the issuance of native equity tokens to compete for round-the-clock liquidity and on-chain distribution channels, rather than waiting for third parties to mirror-tokenize traditional securities. He further linked this potential policy shift to recent moves by the Trump administration to open up crypto market regulation and the Commodity Futures Trading Commission (CFTC)’s push to bring perpetual contracts into the U.S. market, suggesting that the U.S. regulatory environment may be gradually opening the policy gates for on-chain finance.
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