SEC Grants Five-Year Tokenized-Stock Relief as CLARITY Act Fails to Advance

The Securities and Exchange Commission has granted qualifying venues a five-year, conditional exemption to trade selected tokenized U.S. stocks, setting a limited federal route as the CLARITY Act fails to advance in the Senate. Issued Sept. 17, the order covers Tokenized Securities Venues (TSVs) that trade permissioned tokenized National Market System (NMS) stocks through automated market makers and liquidity pools. It exempts qualifying venues from the Securities Exchange Act’s definition of an “exchange” and certain liquidity providers from the law’s definition of a “dealer.” The SEC’s five-year relief for Tokenized Securities Venues applies to that specified venue, stock and trading setup. The exemption expires five years after publication, making it a temporary measure rather than a general crypto market-structure framework. The order sets separate activity thresholds.

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