BlockBeats reported on Sept. 9 that Andy, founder of The Rollup, said in a post that the market is circulating a rumor that the U.S. Securities and Exchange Commission is preparing what he described as the biggest tokenization innovation exemption so far.
According to Andy, the proposal could allow tokenized securities to trade solely through a registered transfer agent. That would mean no broker-dealer license requirement and no need to follow rules tied to traditional trading venues or alternative trading systems, or ATSs. He also said the arrangement is rumored to cover both U.S. retail investors and overseas investors.
Andy said the implications would be significant if the report proves accurate. In the structure he outlined, tokenized funds could be issued and traded directly as on-chain tokens, with transfer agents maintaining legal ownership records on-chain. He added that the underlying assets held by those funds, including stocks and bonds, could also be tokenized, creating an on-chain trading system built around both fund tokens and underlying asset tokens.
In a later comment, Andy said one large fund had already received an SEC “green light,” though he added that there has been no official confirmation so far. He speculated that ARK, Fidelity, or BlackRock could be among the potential participants.
He also said that if the policy is ultimately adopted, U.S. asset managers could move faster to issue native equity tokens in an attempt to capture 24/7 liquidity and on-chain distribution, rather than waiting for third parties to create mirrored tokenized versions of traditional securities.
Andy linked the potential policy shift to what he described as 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. In his view, the U.S. regulatory environment may be gradually opening the door to on-chain finance.