According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) has issued an innovation exemption to establish a pathway for secondary trading of tokenized stocks on-chain, with the implementation period from September 17, 2026, to September 17, 2031. This exemption applies to specific tokenized securities exchanges that provide licensed automated market makers and liquidity pools. The exchanges must be deployed on public, permissionless blockchains, and trading is limited to verified or authorized participants. Eligible tokens must correspond to actual stocks in the U.S. National Market System and grant shareholder rights. The exemption does not cover primary issuances, synthetic exposures, or products that do not possess the legal or beneficial rights of the underlying stocks. The SEC is also studying the next steps for enabling secondary trading on-chain.