The U.S. Securities and Exchange Commission has provided conditional five-year relief for qualifying Tokenized Securities Venues to conduct secondary trading in tokenized National Market System stocks through permissioned automated market makers. Effective Sept. 17, 2026, the Innovation Exemption requires tokens to convey the same ownership interest, dividends, voting rights and liquidation rights as conventional shares, excluding synthetic products that provide only price exposure. The framework caps listings and trading volume, requires issuer notice for unaffiliated third-party tokenizations, and mandates auditable smart contracts on public permissionless ledgers while venue access remains permissioned. Goldman Sachs and Citizens analysts identified Coinbase, Robinhood and Circle as potential beneficiaries if regulated onchain equity markets expand. Coinbase shares rose about 5% to 11% following the announcement, while Robinhood gained about 9.6%.