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The SEC recently made public the comments submitted by Stove Finance regarding the exemption for tokenized stocks.The comments focus on the infrastructure issues after tokenized stocks enter the on-chain market, including asset conversion between traditional securities systems and on-chain ledgers, inventory replenishment, reconciliation, and how corporate actions such as dividends and stock splits maintain consistency across different systems.Stove suggested in the comments that registered broker-dealers be allowed to further participate in the construction of on-chain securities record, reconciliation, and delivery infrastructure, and that a unified standard for asset conversion, settlement status, and corporate actions be established collaboratively by broker-dealers, custodians, transfer agents, and on-chain trading venues.As tokenized stocks gradually enter DeFi scenarios such as AMM and liquidity pools, settlement, asset services, and cross-system interoperability beyond trading are becoming the next issues that the industry needs to address.

According to The Block, Robinhood's Senior Vice President of Cryptocurrency, Johann Kerbrat, stated during the 2026 Korea Blockchain Week that the company is still advancing work related to the "innovation exemption" with the U.S. SEC to support its tokenized stock business.Kerbrat mentioned that as the scale of stock token trading grows, its trading volume may reach the relevant limits set by the SEC.

According to a report by Reuters, the International Monetary Fund (IMF) has approved a disbursement of $139 million to El Salvador, following the organization's exemption regarding the Salvadoran government's violation of conditions limiting further accumulation of Bitcoin. The IMF Executive Board completed the second and third reviews of El Salvador's $1.4 billion Extended Fund Facility (EFF), allowing for the immediate release of these funds.The IMF stated that El Salvador's economic performance has exceeded expectations, benefiting from improved security conditions and increased investor confidence. The IMF noted that some program performance standards were not met, including indicators related to Bitcoin holdings. However, after El Salvador took strong corrective measures and recommitted, the IMF approved the relevant exemptions.In September, IMF staff indicated that documents provided by El Salvador showed that the increase in Bitcoin following the initial review came from private donations rather than public funds. The IMF also stated that El Salvador has made progress in anti-money laundering measures, fiscal transparency, and transferring majority ownership and control of the state-owned digital wallet Chivo to private operators.

According to Crypto Briefing, Orca's Chief Legal Officer Christopher Montagano stated at the Korea Blockchain Week that the innovation exemption released by the SEC on September 17 provides the conditions to verify whether DeFi blockchain tracks are more efficient than traditional infrastructure.The exemption offers a conditional relief period of 5 years, until September 17, 2031; under this framework, tokenized securities venues and specific liquidity providers can operate tokenized U.S. stock licensed trading without registering as exchanges or brokers.Montagano stated that the exemption is specifically designed for AMM but does not constitute a ruling on DeFi; relevant parties must still comply with sanction rules and obtain issuer consent to distinguish it from unlicensed DeFi. Orca has been involved in discussions with the SEC since 2025 and began trading tokenized stocks in November of the same year.

U.S. Senator Steve Daines (Republican from Montana, member of the Senate Finance Committee) has officially introduced a 56-page digital asset tax bill, named the "Aligning Digital Assets with Tax Principles Act" (ADAPT Act). The bill aims to establish clearer tax rules for scenarios such as stablecoin payments, network fees, staking, and lending, and plans to extend existing tax rules like wash sales and constructive sales to apply to digital assets.The core provisions of the bill state that taxpayers generally do not need to recognize gains or losses when using compliant U.S. dollar stablecoins to purchase goods and services, while exempting brokers from information reporting obligations for qualifying consumer transactions; however, this exemption does not apply to traders and market makers. The bill also extends wash sale rules and constructive sale rules to digital assets, with compliant stablecoins excluded from the constructive sale provisions to limit loss harvesting behavior in crypto assets.Additionally, the bill proposes to exempt digital assets used to pay for network, transaction, or gas fees of $10 or less from gain or loss recognition and allows qualifying digital asset traders and dealers to choose to account for them at fair market value. The bill also stipulates rules for income sources from staking and mining, a non-recognition framework for digital asset lending, a safe harbor for foreign investors' transactions, and definitions for digital asset classifications; most provisions will apply to tax years or transactions after December 31, 2026. Previously, the U.S. House Ways and Means Committee passed its own "Digital Asset Tax Certainty Act" on September 16 by a vote of 38 to 5.

According to Cointelegraph, former commissioner of the U.S. Commodity Futures Trading Commission (CFTC) Brian Quintenz stated at the Korea Blockchain Week 2026 that the Clarity Act is not the only way to achieve regulatory certainty for cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) and CFTC can use their exemptions to fill this regulatory gap.

Grayscale's research director Zach Pandl pointed out that the recent "Innovation Exemption" directive issued by the U.S. Securities and Exchange Commission (SEC) is expected to fundamentally change the previous landscape where tokenized U.S. stocks primarily relied on offshore "packaged derivatives" trading, promoting the inclusion of real tokenized stocks with complete shareholder voting rights and dividend rights into the regulated financial system of the United States.This exemption order is valid for 5 years and specifically relaxes two core registration requirements: qualified tokenized trading venues do not need to register as traditional stock exchanges; qualified liquidity providers do not need to register as broker-dealers.Grayscale believes that this marks a significant step as on-chain trading infrastructure is proving to be fully compatible with regulatory compliance and investor protection, and it is expected to drive Congress to advance a broader bipartisan legislative process in the future.

a16z, in collaboration with the DeFi Education Fund, submitted a joint proposal to SEC Commissioner Hester Peirce, proposing the establishment of safe harbor rules and the creation of a "rebuttable presumption," meaning that decentralized exchange (DEX) protocols and their front-end interfaces do not fall under the definition of "exchanges" as defined by the Securities Exchange Act of 1934.On the same day, a16z also submitted a second letter urging the SEC to establish a registration system for centralized cryptocurrency trading platforms, similar to the alternative trading system (ATS) rules from 1998. Both letters were dated September 14, and three days later, the SEC issued an "Innovation Exemption" for tokenized stock trading venues.

The U.S. Securities and Exchange Commission has released an "Innovation Exemption" to establish a pathway for on-chain secondary trading of tokenized stocks. This exemption will be implemented from September 17, 2026, to September 17, 2031, and applies to specific tokenized securities trading venues that provide licensed automated market makers and liquidity pools.Trading venues must be deployed on public, permissionless blockchains, but trading is limited to verified or authorized participants. Eligible tokens must correspond to actual U.S. national market system stocks and grant the same shareholder rights as traditional stocks; this exemption does not cover primary issuances, synthetic exposures, or products that do not have legal or beneficial rights to the underlying stocks. Galaxy stated that it is exploring the next steps to enable on-chain GLXY secondary trading.

Uniswap founder Hayden Adams retweeted a comment letter from U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce supporting autonomous decentralized systems, pointing out that the most favorable news for automated market makers (AMM) today is Hester Peirce's view that truly decentralized systems driven by autonomous software do not need to obtain exemptions, which corresponds to the permissionless nature of Uniswap.Adams stated that the SEC's innovative exemption applies to permissioned liquidity pools on Uniswap v4, providing a pathway for assets and users with relevant compliance needs to conduct transactions in the U.S., which is expected to promote the adoption of AMM. Uniswap will submit a comment letter with suggestions for improvements.

The Chairman of the U.S. SEC, Paul Atkins, stated: For a long time, regulatory uncertainty has hindered responsible yet crucial innovation from taking root in the United States. Reversing this trend has been a priority during his tenure as chairman.Although temporary, the innovation exemption is a principled, structured relief grant aimed at addressing genuine legal uncertainties while providing investor protection and maintaining market integrity standards. Through this order and a series of ongoing initiatives, we will ensure that the United States remains the global preferred destination for building the next generation of financial infrastructure.

Commissioner Hester M. Peirce of the U.S. Securities and Exchange Commission (SEC) made a statement regarding the committee's approval of the "innovation exemption."This exemption is a temporary, conditional arrangement that allows "tokenized securities venues" (TSV) to trade NMS "National Market System" stocks on-chain: TSV provides automated market maker liquidity pools and sets participant admission standards, and is exempt from the definition of "exchange" under the Securities Exchange Act; specific suppliers providing liquidity to TSV are exempt from the definition of "dealer." If issuers do not wish for their stocks to trade on TSV, they can choose to opt-out. The exemption is aimed at U.S. entities, and both existing institutions and new entrants can participate.Peirce emphasized that the committee does not presuppose that parties relying on this exemption necessarily fall under the definitions of "exchange" or "dealer," but rather hopes to first observe who is using it and how it is being used before making regulatory judgments.Peirce clearly delineated the boundaries of this order: it is not about decentralized finance. Systems that are driven by automated software and are truly decentralized do not raise fundamental concerns of securities regulation, namely that intermediaries trusted by investors may be foolish, careless, or compromised; investors using permissionless smart contracts for peer-to-peer transactions do not fundamentally require an exemption. TSV is merely one model of on-chain securities trading, and the committee is open to other models, as on-chain trading models that can comply with existing Securities Exchange Act requirements may not require an exemption at all.

Robinhood Crypto Vice President Johann Kerbrat posted on the X platform, stating that the SEC's innovation exemption is a signal that tokenization is ready to enter the United States. This is an important step taken by the agency, which will allow the onshore development of the liquidity tokenized securities market.Johann Kerbrat mentioned that wise regulation will accelerate innovation and looks forward to the content that will be built next.

The U.S. Securities and Exchange Commission (SEC) stated that tokenization is expected to reduce costs in market infrastructure aspects such as issuance, trading, transfer, settlement, and ownership records, while enhancing transparency and liquidity. The SEC approved a temporary, conditional "Innovation Exemption," allowing tokenized NMS stocks to be traded in a limited manner on certain on-chain venues—tokenized securities trading venues (TSVs).It is reported that TSVs meeting the exemption conditions can conduct approved trading through automated market makers and liquidity pools, but must meet requirements for public disclosure, trading transparency, circuit breaker coordination, record keeping, and technical safeguards, while also being subject to limits on the number of stock codes and trading volume.The SEC indicated that this move aims to observe the operation of on-chain trading venues and market participants, providing data for the formulation of long-term regulatory rules in the future.

According to The Block, the UK Treasury has submitted amendments to cryptocurrency regulations, including exemptions for certain stablecoin transactions, custody arrangements, and technical services related to DeFi protocols, which require parliamentary approval.Katie Harries, Coinbase's Head of European Policy, welcomed these changes but noted that regulated exchanges still face barriers in seeking access to DeFi.

The Chairman of the U.S. House of Representatives' Ways and Means Committee, Jason Smith, announced the 114-page "Digital Asset Tax Clarification Act" (H.R. 10357), which aims to exempt taxes on network or transaction fees below $10, and will hold a committee review on September 16 at 10 AM. The bill stipulates that users with more than 5,000 transfers in the previous year are not eligible for the aforementioned fee exemption.Another accompanying bill aims to include digital assets in wash sale rules and presumption of sale rules, but excludes qualified stablecoins, expecting to increase revenue by $2.074 billion from fiscal years 2026 to 2036. The accompanying bill also proposes to allow miners and stakers to defer income from newly generated tokens until the time of sale, with an expected ten-year fiscal cost of $2.956 billion. Republican members of the committee are considering removing the relevant provisions or limiting the deferral period to five years.

According to the Financial Times, the UK's Financial Conduct Authority (FCA) is working with the Treasury and the Bank of England to establish a dedicated regulatory framework for tokenized gold or more broadly tokenized commodities, and is assessing exemptions for certain tokenized gold products or market infrastructure from the scope of Collective Investment Schemes (CIS) and Alternative Investment Funds (AIF) regulations. Specific plans have not yet been determined.