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The US Securities and Exchange Commission has issued an innovation exemption to establish a pathway for secondary trading on tokenized stock chains, with an implementation period from September 17, 2026 to September 17, 2031. This exemption applies to specific tokenized securities trading venues that provide licensed automatic market makers and liquidity pools. The trading venues must be deployed on public, permissionless blockchain and only allow verified or authorized participants to trade. Qualified tokens must correspond to actual US National Market System stocks and grant shareholder rights, with exemptions not covering primary issuances, synthetic exposures, and products that do not have legal or beneficial rights to the underlying stocks. Galaxy is studying the next steps to enable on chain GLXY secondary trading.