Andy, founder of The Rollup, said in a post that market chatter suggests the U.S. Securities and Exchange Commission may be preparing what could become its biggest innovation exemption for tokenization to date. According to his description, the proposal could allow tokenized securities to trade through registered transfer agents without requiring broker-dealer licenses and without following the rules that apply to traditional trading venues or alternative trading systems, or ATSs. He also said the rumored framework could extend to U.S. retail investors as well as overseas participants.
Andy said the implications would be significant if the report proves accurate. In his view, tokenized funds could be issued and traded directly on-chain as tokens, with transfer agents maintaining the legal ownership registry on-chain. He added that underlying assets held by those funds, including stocks and bonds, could also be tokenized, creating an on-chain structure where both fund tokens and underlying asset tokens trade in parallel. Andy also claimed that one large fund has already received a green light from the SEC, though he said there has been no official confirmation. He speculated that ARK, Fidelity, or BlackRock could be involved.
ChainCatcher reported that Andy, founder of The Rollup, said in a post that market rumor suggests the U.S. Securities and Exchange Commission, or SEC, is preparing what he described as the largest tokenization innovation exemption to date.
According to Andy, the potential policy could allow tokenized securities to trade only through registered transfer agents, without broker-dealer licenses and without being subject to the rules that govern traditional trading platforms or alternative trading systems, known as ATSs. He also said the rumored framework could cover U.S. retail investors and overseas investors.
Andy said the impact would be substantial if the information proves correct. In his outline, tokenized funds could be issued and traded directly on-chain in token form, while transfer agents would maintain the legal ownership registry on-chain. He added that underlying assets held by funds, including stocks and bonds, could also be tokenized, creating an on-chain trading structure built around both fund tokens and tokens representing the underlying assets.
He later said one large fund has already received a "green light" from the SEC, although he added that there has been no official confirmation so far. He speculated that ARK, Fidelity, or BlackRock could be among the possible participants.
Andy also linked the possible policy shift to recent moves by the Trump administration to open up crypto market regulation, as well as efforts by the Commodity Futures Trading Commission, or CFTC, to bring perpetual futures into the U.S. market. He said those developments may indicate that the U.S. regulatory environment is gradually opening the door to on-chain finance.
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