SEC Grants Five-Year 'Innovation Exemption' for AMM Trading of Tokenized NMS Stocks
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The SEC's five-year, conditional "Innovation Exemption" allowing licensed AMMs to trade tokenized NMS stocks is a major regulatory de-risking for on-chain equity venues. Requirements on shareholder-equivalent rights, auditable public ledgers, symbol/volume caps, and synchronized trading halts create a compliant pathway while limiting systemic spillover. This can accelerate institutional experimentation and infrastructure buildout across tokenization, brokerage, and exchange-adjacent platforms.
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The U.S. Securities and Exchange Commission said on its website that on September 17, 2026, it issued an order providing an 'Innovation Exemption' that temporarily allows tokenized securities venues (TSVs) to use licensed automated market makers (AMMs) to trade tokenized NMS stocks. The relief is conditional and will run for five years.
SEC Chairman Paul S. Atkins said the action is intended to help move U.S. capital markets into the digital era.
The order sets out several guardrails, including limits on the number of trading symbols and on trading volumes. It also requires that tokenized stocks provide holders with the same rights as traditional stockholders. Smart contracts must be deployed on public, permissionless distributed ledgers that are auditable. Trading halts must be consistent with halts in the underlying NMS stocks.
The SEC also opened a public comment process on the exemption's specific terms.
