Securities Regulation and Corporate Governance Monitor

Editor

Paul Yu

Associate Attorney

SEC Opens Up Five-Year Sandbox for Tokenized Trading of NMS Stocks

In lieu of registration and the regulatory framework that would otherwise apply, the SEC has substituted a prescriptive disclosure, transparency, and recordkeeping regime for trading tokenized securities. On September 17, 2026, the SEC issued a five-year exemptive order, which it calls the “Innovation Exemption,” to enable on-chain trading of tokenized National Market System (NMS) stocks…

SEC Proposes New Crypto Exempt Offering Framework

Now, at a time when the global cryptocurrency market is valued at well over $2 trillion, the SEC’s proposed rule is intended to facilitate capital raising involving crypto assets within the U.S. capital markets.