Those models would need to change if providers want to use the SEC’s new U.S. pathway.
Robinhood’s crypto head, Johann Kerbrat, nevertheless welcomed the agency’s move.
“The SEC innovation exemption is a signal that tokenization is ready to come to the United States,” Kerbrat said. “This is a major step by the agency and will allow liquid tokenized securities markets to develop onshore.”
Robinhood’s shares are up about 2.8% on Thursday.
A regulated lane for DeFi
The other potentially significant opening is for regulated DeFi trading platforms.
Under the exemption, tokenized securities venues can use automated market makers, or AMMs, to trade tokenized U.S. stocks without registering as traditional securities exchanges. Meanwhile, centralized crypto exchanges like Coinbase and Kraken might be outside of the SEC’s framework. Coinbase shares rose about 5% on Thursday. Kraken is a private company.
The move could bring more…
