The U.S. Securities and Exchange Commission has issued an "innovation exemption" that creates a path for on-chain secondary trading of tokenized equities, according to a post on X from Galaxy’s head of research. The exemption is set to run from Sept. 17, 2026, through Sept. 17, 2031. It applies to certain tokenized securities trading venues that offer permissioned automated market makers and liquidity pools.
Under the framework described, those venues must be deployed 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 grant the same shareholder rights as conventional 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 also said it is studying the next steps to enable secondary trading of GLXY on-chain.
Galaxy’s head of research said in a post on X that the U.S. Securities and Exchange Commission has issued an "innovation exemption" that opens a route for on-chain secondary trading in tokenized stocks.
The exemption will run from Sept. 17, 2026, to Sept. 17, 2031. It applies to certain tokenized securities trading venues that provide permissioned automated market makers and liquidity pools. Those venues must be deployed on public, permissionless blockchains, but trading is limited to verified or authorized participants.
Eligible tokens must correspond to 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 for enabling on-chain secondary trading of GLXY.
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