Grayscale: The U.S. SEC's "innovation exemption" may promote the real tokenization of U.S. stocks into the regulated system in the United States

Grayscale's research director Zach Pandl pointed out that the recent "Innovation Exemption" directive issued by the U.S. Securities and Exchange Commission (SEC) is expected to fundamentally change the previous landscape where tokenized U.S. stocks primarily relied on offshore "packaged derivatives" trading, promoting the inclusion of real tokenized stocks with complete shareholder voting rights and dividend rights into the regulated financial system of the United States.

This exemption order is valid for 5 years and specifically relaxes two core registration requirements: qualified tokenized trading venues do not need to register as traditional stock exchanges; qualified liquidity providers do not need to register as broker-dealers.

Grayscale believes that this marks a significant step as on-chain trading infrastructure is proving to be fully compatible with regulatory compliance and investor protection, and it is expected to drive Congress to advance a broader bipartisan legislative process in the future.