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SEC to propose tokenized stock framework as Wall Street efforts deepen: Bloomberg
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◎ Multiple-sources
The U.S. Securities and Exchange Commission (SEC) could soon introduce a new framework for trading tokenized stocks, according to a Monday report by Bloomberg Law, a move that may accelerate Wall Street firms push to bring traditional securities onto blockchain rails.
Key facts
- The combined efforts point to a broader race to modernize the plumbing of the $126 trillion global equity market using blockchain technology
- The U.S. Securities and Exchange Commission (SEC) could soon introduce a new framework for trading tokenized stocks, according to a Monday report by Bloomberg Law, a move that may accelerate Wall
- Meanwhile, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, also unveiled plans to expand into tokenized stocks and crypto-linked products through a partnership
- The Depository Trust & Clearing Corporation (DTCC), which processes and safeguards much of the U.S. securities market, said it plans to begin limited production trades of tokenized assets in July
Summary
The Securities and Exchange Commission (SEC) is preparing an "innovation exemption" for tokenized securities as early as this week, Bloomberg Law reported. SEC Chair Paul Atkins earlier in May signaled the agency was considering new rulemaking to accommodate blockchain-based trading and settlement systems. Major Wall Street players like DTCC, Nasdaq and NYSE unveiled plans to roll out infrastructure for tokenized securities as blockchain increasingly overlaps with. The U.S. Bloomberg Law reported that the agency is preparing an "innovation exemption" that could allow trading platforms to offer digital versions of publicly traded securities under a lighter regulatory structure.