SEC’s New AMM Rules Reshape the Tokenized Stock Market
AI-summarised brief · reviewed before publication
The SEC has introduced a five‑year exemption for tokenized‑stock trading on public blockchains, but only for US‑operated, permissioned venues that use automated market maker (AMM) pools. The rule grants temporary relief from national exchange registration and dealer registration for venues that screen participants and control pool access. Eligible tokens must confer full shareholder rights—dividends, voting, and ownership—excluding synthetic exposure products. Existing decentralized exchanges like Uniswap and Raydium cannot qualify without creating permissioned pools. Firms such as Securitize, Ethereum, Coinbase, and Robinhood face new compliance hurdles to list compliant tokens.
💡 Why It Matters
- · By tightening tokenized‑stock eligibility, the SEC forces the industry toward regulated, identity‑verified markets, reshaping how digital securities are offered and traded in the U.S.