SEC’s Innovation Rule Opens Door for Tokenized U.S. Stocks, While Wall Street Builds Private Compliance Networks
Current overview (not historical)
The U.S. Securities and Exchange Commission has issued an Innovation Rule that permits the trading of tokenized shares of U.S.-listed stocks in designated venues. The rule is not a formal regulation and can be tightened or revoked at any time. With Congress stalled on the CLARITY Act, Wall Street has begun creating its own private, fragmented compliance frameworks, shifting regulatory costs to the state level. While the rule offers a path for blockchain‑based securities, it also highlights the uncertainty and fragmentation of the current regulatory landscape, as industry players navigate a patchwork of state‑level oversight and the SEC’s limited enforcement authority.
Written with AI from the reporting · updated 10/15/2026
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- 1Unclassified fact stationOct 15, 00:00recorded Oct 15, 23:27single sourcerevised
SEC创新豁免令允许交易token化股票
Read original source ↗ CoinDeskReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- sec
- Action：
- 发布创新豁免令
- Object：
- 某些场所交易token化 U.S.-listed stocks onchain
- Occurred (fact side)：
- Oct 15, 00:00
- Published (valid side)：
- Oct 15, 23:00
- First seen (known side)：
- Oct 15, 23:27
Fact stationSingle source · one-sided claimRevisedCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
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- CoinDeskRelated fact: single sourceSource report revisedWall Street Firms Build Crypto Compliance Infrastructure Amid Congressional Stagnation
Report first recorded Oct 15, 23:27
Without a comprehensive federal framework, such as the stalled CLARITY Act, financial firms are standardizing compliance and infrastructure themselves. Following an SEC innovation exemption allowing tokenized U.S.-listed stocks to trade onchain, firms are navigating a patchwork of federal and state laws. Aravind Raju, CFO of Uphold, said compliance is now a major department as firms build tailored solutions for each state's requirements, though he expects these resources to be redirected as rules align. Instead of shared infrastructure, many institutions launched private, closed networks, leading to separation of functions like custody and trading, as Lewis Tuff, CEO of Twilight, noted that every firm is rebuilding similar connections.
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