The U.S. Securities and Exchange Commission (SEC), the country’s securities regulator, has issued an innovation exemption that creates a path for secondary-market trading of tokenized stocks on public blockchains. The exemption runs from Sept. 17, 2026, through Sept. 17, 2031, and applies to certain tokenized-securities trading venues offering permissioned automated market makers (systems that algorithmically price trades) and liquidity pools. Although the venues must operate on public, permissionless blockchains, only verified or authorized participants may trade. Eligible tokens must represent actual U.S. national market system stocks and provide the same shareholder rights as traditional shares. The exemption excludes primary issuance, synthetic exposure and products lacking legal or beneficial rights to the underlying stock. Galaxy said it is studying next steps for enabling on-chain secondary trading of GLXY.