SEC Releases Tokenized US Stocks: Who Will Benefit? DeFi and issuers welcome new opportunities

According to Woofun AI, the US Securities and Exchange Commission (SEC) officially established a regulatory framework for tokenized stocks, making it clear that the exemption policy only applies to assets that represent real securities on the chain and retain full dividend rights and voting rights, and completely excludes synthetic tracking products. This core setting marks the regulatory authorities' recognition of the tokenization of real equity, and lays a clear boundary for decentralized finance to connect to traditional capital markets.

Industry giants quickly responded to this structural change, and the strategic layout heated up at the same time as capital market performance. Carlos Domingo, CEO of Securitize (SECZ.US), a digital asset and real-world asset tokenization platform, pointed out that the rule provides a legal way to trade real tokenized stocks and supports various models from issuer-led projects to custodial structures. CoinDesk's parent company Bullish (BLSH.US) is expanding its business through the acquisition of transfer service provider Equiniti. Thomas Cowen, head of its global tokenization business, believes that regulators are driving AMM and the formation of a new market structure, although this is only an initial controlled measure rather than the birth of a fully functional on-chain stock market. On Thursday, Securitize (SECZ.US) shares rose 14% and Bullish (BLSH.US) shares rose 10%, which significantly boosted market sentiment.

The issuer veto mechanism has become the key umbrella for the new regulations, which aim to balance innovation with the rights of listed companies. Before any company's tokenized shares are traded, the trading venue must notify the issuer and wait 30 days. If the company objects, it cannot be traded under the exemption clause. Joris Delanue, CEO and co-founder of Fairmint, a regulated on-chain transfer service provider, emphasized that this is a key protection mechanism. The rule stems from AMC Entertainment (AMC.US) CEO Adam Aron's criticism of Robinhood (HOOD.US)'s public controversy over launching AMC-related stock tokens without consent this summer. The third-party escrow model still meets the requirements, but the underlying stock rights must be preserved and the issuer must not object. Dinari CEO Gabo Ott said the SEC has drawn a clear line: listing a stock doesn't mean depriving it of its rights as a stock.

According to data compiled by Woofun AI, synthetic products are under compliance pressure, and service providers such as Robinhood (HOOD.US) need to adjust their product structures to meet the new regulations. Robinhood (HOOD.US) Stock Tokens, Kraken's xStocks, and Ondo Finance overseas products do not have shareholder rights because they only provide price tracking functions and are not eligible for exemptions. If they want to take advantage of the new regulations, these platforms must restructure their products.

Despite this, John Kelblat, head of the cryptocurrency business at Robinhood (HOOD.US), welcomed the initiative, saying it shows that tokenization technology is ready to enter the US market and help develop the domestic liquid tokenized securities market. On Thursday, Robinhood (HOOD.US) shares rose about 2.8%, reflecting the market's cautious optimism about the path to compliance.

The DeFi and public chain ecosystem ushered in historic opportunities, and the legalization of AMM transactions broke the monopoly of traditional exchanges. Under the exemption, tokenized securities exchanges can use AMM to trade tokenized US stocks without registering as a traditional stock exchange. Centralized exchanges such as Coinbase (COIN.US) and Kraken may not be subject to regulation, and Coinbase (COIN.US) shares rose about 5% on Thursday. Grayscale Research Director Zack Pandel pointed out that the policy will enhance the practical value of tokenized assets, benefiting mainstream public blockchains such as Ethereum (ETH), Solana (SOL), and Binance Chain (BNB), as well as decentralized trading applications such as Uniswap (UNI), Aerodrome (AERO), and Raydium (RAY). Domingo predicts that all DeFi AMMs will launch related products to create multiple on-chain liquidity trading places for dynamic assets.

Compliance thresholds coexist with real-world challenges, and entry restrictions may slow adoption. Although the technology can operate on a blockchain without a license, market access requires controlled access through KYC (Know Your Customer) processes and complies with transaction limits and securities market supervision mechanisms. Jim Petrila, chief legal officer at Dromos Labs, said that it is difficult for fully decentralized exchanges to take advantage of exemption policies and need to build infrastructure with licensing functions based on real DeFi. Superstate CEO Robert Leshner anticipates that in the next few weeks to months, various distributors will redesign products to comply with regulations. The SEC intends to control the scope of the test and limit the number and proportion of shares to be traded, and participants must obtain permission. CoinDesk will host its annual policy and regulation summit on September 22 in Washington, D.C., where Tyler Lindman, senior legal adviser to the SEC Cryptocurrency Task Force, will attend to discuss how this framework is reshaping the global digital asset landscape.