SEC Staff Says Tokenized Stock Venues Should Set Standards Before Notice

The SEC's Sept. 17 order requires qualifying venues seeking to trade certain tokenized U.S. stocks to post an operating notice at least 30 calendar days before launch. In FAQs dated Oct. 20, SEC staff advised venues to wait until their operating and access standards are established and ready for production before publishing that notice. The advance-notice condition was already in the order. Staff's FAQ explains how to prepare the notice, but the guidance is nonbinding and adds no obligations. The notice must appear prominently on a publicly available website in plain English. It must include the disclosures required by the order and give a clear, complete account of how the venue expects to operate when trading begins. The venue must keep the information accurate and amend it as needed.

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