The U.S. Securities and Exchange Commission has issued an "innovation exemption" that creates a route for on-chain secondary trading in tokenized equities. The exemption is set to run from Sept. 17, 2026, through Sept. 17, 2031, and applies to certain tokenized securities trading venues that offer permissioned automated market makers and liquidity pools. Those venues must operate on public, permissionless blockchains, while trading itself is limited to verified or otherwise authorized participants. Eligible tokens must represent actual U.S. National Market System stocks and carry the same shareholder rights as traditional shares. The exemption does not cover primary issuance, synthetic exposure, or products that do not provide legal or beneficial rights in the underlying stock. Galaxy said it is studying the next steps to enable on-chain secondary trading for GLXY.
According to ChainCatcher, the U.S. Securities and Exchange Commission has released an "innovation exemption" that opens a path for on-chain secondary trading of tokenized stocks.
The exemption will be in effect from Sept. 17, 2026, to Sept. 17, 2031. It applies to certain tokenized securities trading venues offering permissioned automated market makers and liquidity pools. Those venues must be deployed on public, permissionless blockchains, but trading is limited to verified or otherwise authorized participants.
To qualify, tokens must correspond to actual U.S. National Market System stocks and grant the same shareholder rights as traditional equities. The exemption does not cover primary issuance, synthetic exposure, or products that do not carry legal or beneficial rights in the underlying shares.
Galaxy said it is reviewing the next steps to enable on-chain secondary trading of GLXY.
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