The SEC's five-year Innovation Exemption framework allows qualifying venues to trade National Market System tokenized U.S. stocks on public blockchains without registering as traditional securities exchanges.

From the articlePerpetuals targets US tokenized equities under SEC innovation frameworkAlso in Perpetuals Moves to Offer Tokenized U.S. Stocks Under SEC Innovation Exemption, FTX-linked fintech Perpetuals (PDC) plans tokenized stock trading under SEC framework, Perpetuals.com Plans Tokenized U.S. Stock Trading Under SEC Exemption