On Thursday, September 17, 2026, the U.S. Securities and Exchange Commission (SEC) published the Innovation Exemption, paving the way for publicly traded company shares to be traded on the blockchain. This decision comes immediately after the failure of the CLARITY Act, which aimed to provide a comprehensive framework for the cryptocurrency market and failed to pass the Senate two days earlier by a vote of 50 to 49. The Commission took a significant step by using its own regulatory powers to circumvent the legislative deadlock.

The exemption allows platforms called Tokenized Securities Exchanges to facilitate the trading of tokenized shares through licensed automated market makers and liquidity pools. The regulation will be valid for five years from its publication date.

Strict conditions have also been introduced to ensure investor protection. Token holders will have the same dividend and voting rights as traditional shareholder. Synthetic tokens and derivatives are strictly prohibited, while companies will have the right to object to the tokenization of their shares. Platforms will be obligated to comply with US sanctions programs, and upper limits will be set for the number of shares that can be listed and the trading volume.

The market reacted positively to this decision. Shares of companies providing tokenization infrastructure rose during the day, while it was noted that major exchanges may now open their tokenized share services, previously offered abroad, to US customers.

The five-year transition period will provide important data on how tokenized shares will operate. Instead of fixing today's technology as tomorrow's standard, the commission aims to create a more agile regulatory framework by allowing the market to evolve. Public opinion gathered in the coming period and the performance of the platforms in practice will determine whether this model will become a permanent regulation.

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