The U.S. Securities and Exchange Commission has granted temporary, conditional relief allowing eligible Tokenized Securities Venues to trade certain tokenized National Market System stocks through permissioned automated market makers and liquidity pools for five years. The tokens must be backed one-to-one by underlying shares and provide equivalent rights, including voting, dividends and proxies; synthetic stock exposure is excluded. The SEC capped symbols and trading volumes by venue, required issuer notification and objection procedures for third-party tokenization, and retained transparency, anti-fraud, sanctions and market-integrity requirements. Strategy Chairman Michael Saylor said the Sept. 17 relief enables 24/7 onchain trading of tokenized MSTR and STRC for U.S. investors through qualifying venues. Strategy holds 845,050 BTC and $6.4 billion in USD assets, while STRC remains below its $100 par value. The exemption expires five years after publication and is intended to provide data for longer-term rulemaking.