Prices rose, memes flew, and the big names in the space moved fast after the SEC approved an Innovation Exemption. That exemption lets firms trade tokenized stocks without registering as national exchanges.
Here is what actually happened.
The SEC’s Innovation Exemption
The SEC approved an Innovation Exemption on the same day the Senate blocked the Clarity Act 49 to 50. That exemption allows qualifying venues to trade tokenized US stocks on public blockchains without having to register as national exchanges. Chair Atkins said that because Congress failed, the Commission is taking a significant step within its statutory authority.
Tokenized Securities Venues operate tokenized equities through automated market makers and liquidity pools on permissionless chains. Firms supplying that liquidity receive separate relief from dealer registration. There is no application queue—instead, a firm that meets the requirements notifies the SEC and begins operating at once. The rule went into effect immediately and runs for five years.
The exception applies solely to actual tokenized shares that come with complete rights, including dividends and voting. It does not apply to price-tracking instruments that have fueled much of the trading happening abroad. Even so, an unconnected party may still tokenize a company’s stock, yet the issuer holds a right to object within 30 days, which stops those shares from being issued and traded. Companies thus keep some control over the process.
AMC’s Adam Aron Got His Mechanism
This provision lands directly on the fight AMC’s Adam Aron picked two weeks ago. He called Robinhood’s stock tokens contemptible and vile and threatened to involve the SEC. Now he has the mechanism he was asking for.
Both Robinhood and Coinbase had already said they would offer redemption and voting rights, which just so happens to match exactly what the exemption demands.
S&P Global Acquired OpenZeppelin
On the same day that S&P Global acquired OpenZeppelin, the SEC made its announcement. S&P Global Ratings positioned the move as a way to bring trusted data, benchmarks, and transparent risk assessment to markets moving onchain.
Practically speaking, when tokenized funds and stablecoins actually become real institutional instruments, the focus shifts from simply judging the issuer to assessing whether the contract itself holding the assets is sound.
The SEC Roundtable on 24-Hour Trading
An hour after the SEC approved tokenized securities, it held a roundtable on 24-hour trading. Atkins noted that tokenization could bring real-time inventory management.
Also on offer was a no-action letter from the CFTC, which permits passive software providers to link users to regulated derivatives without having to register as introducing brokers — an extension of relief initially given to Phantom in March.
What the Numbers Show
HYPE is leading the pack among the major cryptos, with its price at $90.53. BTC sits at $78k, while ETH comes in at $2,500. SOL lands at $106, and ZEC rounds out the group at $1,460.
UNI, ARB and NEAR are among the top altcoin movers. Oil has risen 1%, currently sitting at $101. Gold is also up, rising 0.6% to reach $4,420. Stock futures are mostly steady following yesterday’s bounce. The DOW is down 0.05%, while Nasdaq is up 0.3%.
Meme Coins Are Green
Among the meme leaders, those whose color was green saw gains across the board. DOGE rose 6%, while SHIB climbed 7%. PEPE advanced 7%, and PENGU gained 6%. TRUMP moved up 5%, and the SPX followed suit with a rise of 4%.
The Robinhood chain’s leaders turned green following the SEX exemption, with several stocks posting gains. Pons rose 10% to reach $480M, while AI climbed 30% to land at $360M. Cashcat moved up 3%, settling at $204M. Boner advanced 35%, Orbio gained 80%, Index went up 30%, and Moo rose 35%.
Solana top movers were led by Paid up 30%, Raycat up 40%, MCAT up 80% and Tilcayo up 45x. Stonk eco rallied as Stonk is up 25% to $220M, Purr is up 47% and Nearkat is up 120%.
Token and Protocol Tracker
Hyperliquid announced native lending and borrowing went live on its platform. Users can collateralize HYPE and BTC to borrow stablecoins. Hyperliquid led onchain protocols in revenue with $1.94M followed by Pump.fun with $1.89M. Pons fell to 15th with $460k.
Stonkfun had its highest revenue day since Sunday with $900k.
NFTs Were Mostly Flat
The NFT leaders mostly held steady, with some exceptions. Punks gained ground, rising 1% to 29.7 ETH. BAYC stayed level at 6.85 ETH. Pudgy, however, slipped, falling 1% to 3.38 ETH.
Stonkbrokers are up 11%, while Rare Friends are up 40%, leading the top movers.
The public sale for zksnarks ended with a final price of 1.5 ZEC, having raised $37M, while trading has already begun today. On Wednesday, FWA rolled out its v2 update, sending the FWA token up by 50%, reaching a value of $17M.
The Bitcoin ETFs Saw $159M in Net Inflows
Thursday brought $159M in net inflows to the Bitcoin ETFs while the ETH ETFs lost $39M.
What This Means for Crypto
The takeaway is simple: everything in traditional finance is coming onchain. Stocks, commodities, and all other types of assets will become tokenized and traded on blockchains globally, permissionlessly and 24/7. It is just a matter of time.
The action taken by the SEC represents a major advance toward achieving that goal more quickly.
Key Facts Box
- BTC: $78k
- ETH: $2,500
- SOL: $106
- HYPE: $90.53
- ZEC: $1,460
- UNI: +26%
- ARB: +25%
- NEAR: +22%
- DOW: -0.05%
- Nasdaq: +0.3%
- Bitcoin ETFs: $159M in net inflows
- ETH ETFs: $39M in outflows
- Hyperliquid: $1.94M in revenue
- Pump.fun: $1.89M in revenue
- Stonk: $220M market cap
Source material: “Morning Minute: SEC Approves ‘Innovation Exemption’ Moving Tokenized Stocks Forward,” Decrypt.
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