According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has taken significant steps by introducing a temporary regulatory framework that allows certain tokenized U.S. stocks to be traded using decentralized finance (DeFi) infrastructure. Michael Saylor, former CEO of MicroStrategy, referred to this as a "major breakthrough." The framework permits transactions using public, permissionless distributed ledgers and requires that related smart contracts be publicly auditable. It provides an experimental market structure for the trading of U.S. listed stocks and is expected to be tested over the next five years.