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.

Moving stocks, bonds, and other securities onto blockchains as tokenized assets, and the debates over investor protection, trading hours, and settlement.

Comprehensive legal regimes for digital assets, such as the EU's MiCA and proposed US market-structure bills, defining how tokens are issued, traded, and supervised.