Apple · SEC · Tokenization · CoinDesk
Apple doesn't necessarily have to tokenize its own shares for somebody else to propose putting them onchain
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So a third party could potentially offer a tokenized entitlement to Apple shares, for example, through a structure in which a broker-dealer or other intermediary holds the underlying stock, as long as the token provides the same rights and privileges as the underlying security.
Key facts
- For the most liquid stocks, each venue can tokenize up to 75 names and handle no more than 0.25% of average daily trading volume
- While that may sound theoretical, the issue has already surfaced after a public spat this month, after AMC Entertainment CEO Adam Aron criticized Robinhood for offering AMC-linked stock tokens
- For example, Tesla has an average daily volume of about 40 million shares
- The issuer veto is the key safeguard,” according to Joris Delanoue, CEO and co-founder of regulated onchain transfer agent Fairmint
Summary
The SEC will give qualifying tokenized securities venues five years to trade real U.S. stocks on public blockchains through smart contracts and liquidity pools without registering as national securities exchanges. Tokenized shares must preserve the voting, dividend and other rights of traditional stock, while synthetic products that merely track share prices are excluded. The experiment imposes trading-volume and listing limits, requires permissioned access and public, auditable software, and allows companies to veto third parties from tokenizing their shares. The SEC dropped its long-awaited "innovation exemption," giving qualifying platforms a five-year window to operate markets for tokenized U.S. stocks without registering as full national securities exchanges. Until now, a company that wanted to build a U.S. market for tokenized stocks would bring buyers and sellers together, and regulators could treat it like a traditional stock exchange.