TL;DR:
- Licensing exemption: The U.S. Securities and Exchange Commission (SEC) is preparing regulations to bypass parts of the traditional broker licensing architecture for crypto platforms.
- Operation outside the DTCC: The framework would allow crypto-native exchanges to execute matching, custody, and settlement processes directly on public blockchains.
- Market volume: The tokenized real-world asset (RWA) ecosystem already accumulated a value of $32.49 billion globally.
The U.S. Securities and Exchange Commission (SEC) is studying the implementation of an innovation exemption that would open the doors for crypto platforms to trade tokenized U.S. stocks for the first time in history. Reuters reported that with this regulatory measure, they want to establish a legal pathway for trading tokens linked to publicly listed companies within blockchain networks, reducing the traditional registration requirements demanded of financial market intermediaries.
The Shift in Strategy for Securities Regulation
Plans for this rule were created with the expectation that they would be formally presented specifically on May 18, 2026. This technical proposal follows the line of approvals granted in March and April 2026 for tokenized trading on Nasdaq and the New York Stock Exchange (NYSE). However, sector data suggests that the SEC’s new initiative has a structurally different focus.
While previous permissions kept tokenized stocks within traditional clearinghouses, the current exemption seeks to allow crypto platforms to manage their own systems without going through the Depository Trust and Clearing Corporation (DTCC).
The origin of this regulatory shift comes from the institutional program named Project Crypto, coordinated since mid-2025 under the direction of SEC Chair Paul Atkins. Official documents indicate that this project seeks to replace the compliance scheme based exclusively on lawsuits developed between 2021 and 2024. Analysts state that the rigidity of the previous management forced the relocation of technological infrastructure to offshore jurisdictions such as Malta or the Cayman Islands, a scenario that current authorities are trying to reverse.
The technical justification presented by the SEC focuses on the operational efficiency of digital transfers. While the traditional system operates under the daily settlement model (T+1), blockchain protocols complete transactions in seconds. As a factual reference, the firm Ondo Finance executed the cross-border settlement of a tokenized Treasury bond in less than five seconds in May 2026, with the participation of J.P. Morgan, Mastercard, and Ripple.
The Pivot Toward Third-Party Tokenization
The most high-impact aspect within the SEC’s proposal lies in the elimination of mandatory issuer consent. Technical analysis points to a regulatory transition that will allow independent platforms to tokenize stocks without the explicit permission of the company issuing the securities. This represents a clear modification regarding the guidelines published by the commission on January 28, which reduced the legal validity of ownership for offerings issued by third parties not linked to the listed firm.
The operational mechanism involves the physical purchase of shares in the traditional market, their deposit into a qualified custody entity, and the subsequent issuance of equivalent tokens on a blockchain.
Despite the technical flexibility, tokenized equity products carry rights asymmetries that regulators are evaluating how to mitigate. Corporate disclosures from firms like Robinhood and Kraken detail that several of their tokenized assets do not grant the governance rights or voting privileges that define traditional equity investing. Reports point out that the SEC is weighing the inclusion of clauses that would force the delisting of those tokens that do not guarantee dividend payments or participation in corporate decisions.
At the commercial infrastructure level, international viability examples exist. The Kraken exchange processed an accumulated transaction volume of $25 billion across 110 countries through its xStocks division, according to the company’s own data updated as of February 2026. This volume was consolidated despite access restrictions in place for residents of the United States, the United Kingdom, Canada, and Australia.
The final evolution of this regulatory framework faces resistance from traditional stock exchanges, which argue risks of price fragmentation and harmful arbitrage for retail investors. The SEC’s formal public consultation process will determine the definitive structure of custody rules and the permitted exposure limits for this new financial sector.
