The SEC issued a five-year temporary Innovation Exemption allowing Tokenized Securities Venues to facilitate trading of tokenized NMS stocks using automated market makers without registering as national securities exchanges.

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

Licensing, custody, and market-conduct rules for platforms where people trade digital assets, shaped by collapses like FTX and jurisdictional disputes between regulators.