On September 17, 2026, the Securities and Exchange Commission (the “SEC”) issued an order (Release No. 34-106402; File No. 4-927) granting five-year, temporary exemptive relief allowing (1) qualifying tokenized securities venues that provide innovative automated market makers (“AMMs”) and liquidity pools (together referred to as “AMM Liquidity Pools”) to facilitate trading of National Market System (“NMS”) stocks onchain an exemption from the definition of “exchange” under Section 3(a)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and (2) qualifying liquidity providers in an AMM Liquidity Pool that supply liquidity in the form of tokenized NMS stocks an exemption from the definition of “dealer” under Section 3(a)(5) of the Exchange Act.
These exemptions, discussed in detail below, are effective from September 17, 2026 through September 17, 2031, subject to modification as the SEC may determine necessary or appropriate in the public interest and to protect investors.
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