The U.S. Securities and Exchange Commission issued temporary, conditional exemptive relief on September 17, 2026, allowing eligible Tokenized Securities Venues to facilitate secondary trading of tokenized NMS stock through permissioned automated market makers (AMMs, trading systems that use liquidity pools instead of traditional order books). Exemptive Release No. 34-106402, filed under SEC File No. 4-927, invokes Section 36(a)(1) of the Securities Exchange Act and temporarily exempts qualifying venues from the statutory exchange definition. The relief is not a general approval of decentralized finance or tokenized equities, and is designed to give the SEC time to observe the model while considering permanent rulemaking. Galaxy Digital’s research arm described the arrangement as a five-year pilot ending September 17, 2031. Eligible venues must ensure tokenized NMS stock provides the same rights and privileges as an equivalent traditional share, provide issuers with 30 days to object before listing third-party tokens, and use auditable, publicly accessible smart contracts on a permissionless distributed ledger. Synthetic exposure products, security-based swaps, linked securities and interests held through special-purpose vehicle wrappers are excluded. The SEC also opened a public comment process on possible changes and next steps. Bitcoin was trading at $81,599, up 1.1% over 24 hours, while the Fear & Greed Index stood at 71, or Greed, when the accompanying data snapshot was taken.