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The SEC issued an Innovation Exemption on Sept. 17, permitting qualifying venues to trade tokenized U.S. stocks without registering as stock exchanges.
This regulatory relief removes the primary legal barrier for Robinhood Markets to launch a domestic tokenized stock product.
The order allows these venues to match buyers and sellers using automated liquidity pools common in crypto markets, a mechanism that previously lacked a clear regulatory framework for traditional equities.
The Rights Requirement The exemption carries strict conditions that distinguish it from Robinhood's current overseas offerings.
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