The Commission has issued a five-year "Innovation Exemption" that took effect immediately—this is the regulator's first concrete step following the failure of the CLARITY Act in the Senate.
- Trading platforms for tokenized securities are exempted from the definition of "exchange"
- Liquidity providers trading stocks or operating via smart contracts (AMMs) are exempted from classification as "dealer"
SEC Chair Paul Atkins called this a step toward "bringing U.S. capital markets into the digital age," acting "within the Commission’s authority" after the legislative initiative failed in Congress.
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