SEC · U.S. · US Senate · US Congress · The Block
It’s here, SEC launches long-awaited innovation exemption to ‘bring America’s capital markets into the digital age’
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The Securities and Exchange Commission released its long-anticipated "innovation exemption", positioning the measure as a response to the Senate's failure to advance sweeping cryptocurrency legislation.
Key facts
- The SEC's move comes days after the Senate voted 49-50 against the Clarity Act, which would regulate the digital asset industry comprehensively for the first time at the federal level
- On Wednesday, CFTC Chair Michael Selig said his is "locked in and ready to ship its rules for the new frontier of finance
- The Securities and Exchange Commission released its long-anticipated "innovation exemption", positioning the measure as a response to the Senate's failure to advance sweeping cryptocurrency
- On Thursday, the SEC debuted its exemption, which Chair Paul Atkins says will bring capital markets in the U.S. into a new digital era by allowing onchain trading of tokenized stocks
Summary
On Thursday, the SEC debuted its exemption, which Chair Paul Atkins says will bring capital markets in the U.S. into a new digital era by allowing onchain trading of tokenized stocks. "Earlier this week, Congress was unsuccessful in advancing the Clarity Act despite the tireless efforts of many," Atkins said in a statement. The exemption goes into effect immediately and people can also submit comments, with more permanent rulemaking coming down the pipe, an SEC spokesperson said. The five-year exemption had been in the works for over a year and was spurred by market interest, the spokesperson said on a call with reporters.