The U.S. Securities and Exchange Commission is developing a limited innovation exemption that could let selected platforms test tokenized U.S. stocks outside normal market hours, including nights, weekends and holidays, while keeping them under federal securities laws. Coinbase Chief Executive Brian Armstrong said on X that progress by Paul S. Atkins and the SEC on token classification is a long-awaited step toward modernizing finance, and he called for the SEC to publish the exemption and for lawmakers to advance the CLARITY Act quickly. No final eligibility standards, operating rules or launch date have been announced, and key unresolved issues include ownership and shareholder rights, custody and settlement links to the underlying shares, and how brokers and venues would manage best execution, disclosures and surveillance when traditional exchanges are closed.