Market rumors say the U.S. Securities and Exchange Commission is preparing its largest tokenization innovation exemption to date, according to The Rollup founder Andy. According to ChainCatcher, the reported policy could allow tokenized securities to trade only through registered transfer agents, without a broker-dealer license or traditional exchange or ATS rules, and may apply to both U.S. retail and overseas investors.
Andy said the potential impact would be significant if the report is accurate. He said tokenized funds could be issued and traded directly as on-chain tokens, with transfer agents maintaining legal ownership records on-chain, while underlying assets such as stocks and bonds could also be tokenized to create an on-chain trading system built around fund tokens and underlying-asset tokens.
Andy also said a large fund has reportedly received SEC approval, though this has not been officially confirmed. He speculated that ARK, Fidelity, or BlackRock could be among the possible participants. If the policy is finalized, he said U.S. asset managers may accelerate the issuance of native equity tokens to compete for around-the-clock liquidity and on-chain distribution channels rather than waiting for third parties to mirror traditional securities. He linked the possible shift to the U.S. President Donald Trump administration's recent push for more open crypto regulation and the CFTC's efforts to bring perpetual contracts into the U.S. market, saying the U.S. regulatory environment may be opening the door to on-chain finance.
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