TL;DR
- Robinhood CEO Vlad Tenev says “tokenization is coming to America” after the SEC approved a temporary Innovation Exemption for onchain trading of certain U.S. stocks.
- The framework allows Tokenized Securities Venues to use permissioned automated market makers and liquidity pools, opening a regulated path toward blockchain-based equity markets.
- The exemption lasts five years and requires tokenized stocks to preserve the rights of traditional shares.
Robinhood CEO Vlad Tenev says “tokenization is coming to America” after the U.S. Securities and Exchange Commission approved a temporary framework for trading certain tokenized National Market System stocks on blockchain-based venues. The move gives the sector a clearer regulatory route.
The SEC’s Innovation Exemption allows Tokenized Securities Venues, or TSVs, to facilitate trading through permissioned automated market makers and liquidity pools. The exemptions expire after five years, with the commission requesting public comments.
Tokenization is coming to America.
Thanks to the SEC’s leadership, Americans can start to reap the benefits of tokenization: instant settlement, 24/7 trading, fractionalization by default and more. It’s a good day for US innovation. https://t.co/477vMznpo4
— Vlad Tenev (@vladtenev) September 17, 2026
Tokenization Is Coming To America As Markets Move Onchain
For crypto firms, blockchain infrastructure can now be tested inside a defined U.S. securities framework. Tokenized stocks can potentially provide continuous digital access, faster settlement and fractional ownership while retaining the legal rights associated with existing shares.
The SEC requires a TSV to verify that eligible tokenized stocks provide holders with the same rights and privileges as equivalent traditional shares. The framework also gives issuers an opportunity to object when a third party tokenizes their shares.
Trading venues must use auditable smart contracts deployed on public, permissionless distributed ledgers, coordinate trading halts with the underlying listing exchange and publish information about their operations. The exemption limits eligible symbols and trading volumes.
Robinhood has already been building around this model outside the U.S. During a September 9 presentation, Tenev said Robinhood Chain supports stock tokens for users in more than 120 countries outside the United States. He said the company had around 200 tokenized U.S. equities that were one-to-one backed and designed for decentralized finance applications.
The company previously offered tokenized stocks in Europe with 24/5 access, giving Robinhood a reference point as U.S. rules evolve.
A New Route For Blockchain-Based Equities
The SEC’s action arrives as regulators also examine round-the-clock U.S. equity markets. In July, the agency announced a September 17 roundtable focused on overnight trading, operational resilience and the opportunities and challenges of extending equity-market hours.
For crypto, tokenized securities could connect traditional capital markets more closely with blockchain infrastructure. The framework creates a controlled path for regulated venues to test the model.
