Odaily News: According to OKX market data, boosted by the U.S. SEC's introduction of an innovation exemption policy for tokenized stocks, related concept tokens surged. UNI reached a high of $7.93, up over 14% in 24 hours; ONDO reached a high of $0.3792, up over 7% in 24 hours; BP reached a high of $0.55, up nearly 14% in 24 hours.

Yesterday, the U.S. SEC introduced an innovation exemption for tokenized stock trading, providing a five-year pilot framework for eligible tokenized securities trading venues.

Odaily reports that U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce stated in a post that extended trading hours for US stocks are gradually taking shape as a "23 hours a day, 5 days a week" trading model. Currently, overnight trading accounts for less than 1% of total NMS stock trading volume and is highly concentrated in a small number of stocks. At the SEC's overnight trading roundtable, Peirce raised six key questions:

How should the US stock market draw on the experience of the foreign exchange, cryptocurrency, and futures markets that have long operated around the clock;

When overnight liquidity is fragmented and spreads widen, how can broker-dealers fulfill their best execution obligations and strengthen retail investor protection;

When overnight liquidity is insufficient and execution costs are high, whether asset managers choosing not to trade overnight still constitutes a reasonable fiduciary decision;

Whether extended trading hours would change the way listed companies release earnings reports and material information;

Given that EDGAR filings submitted after 5:30 p.m. Eastern Time are typically not processed until the next business day, whether the SEC needs to adjust the EDGAR system to ensure timely disclosure of material information during overnight trading sessions;

Whether the SEC should provide relevant guidance or regulatory exemptions for listed companies, especially smaller companies.

Odaily News: SEC Chair Paul S. Atkins released his remarks from a roundtable discussion, commenting that the SEC is advancing preparations to expand 24-hour trading in the US stock market. Extending trading hours is expected to allow investors to respond to market events more promptly, broaden global market participation, and enhance liquidity. Paul S. Atkins noted that DTCC has already launched a "23×5" trade capture system to support clearing and settlement, the industry has established overnight price ranges and risk control requirements for relevant trading venues, and the Securities Information Processor (SIP) is also preparing for overnight price information dissemination. Tokenization is expected to help the securities industry achieve real-time inventory management, improve efficiency, reduce settlement failures, and lower naked short-selling risks.

Odaily reports: U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce stated that the "innovation exemption" has been implemented, and the SEC today issued an order granting a time-limited exemption to allow on-chain trading of stocks listed on major U.S. exchanges. The exemption establishes a new category called "Tokenized Securities Trading Venue" (TSV), allowing it to conduct trading through automated market maker (AMM) liquidity pools, while also providing an exemption from the "dealer" definition for certain participants who provide liquidity to TSVs. Peirce stated that the measure is intended to allow market participants to experiment in order to observe how tokenized NMS stocks trade in different on-chain scenarios and how they interact with traditional markets, thereby accumulating data for the formulation of long-term regulatory rules.

Hester M. Peirce also emphasized that the exemption is not aimed at decentralized finance (DeFi), and the SEC will not preemptively determine that TSVs or their liquidity providers (LPs) qualify as "exchanges" or "dealers."

Odaily News: U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins stated that the SEC today adopted an "innovation exemption" to provide temporary, conditional regulatory relief for certain tokenized NMS stocks to conduct onchain trading. Qualifying tokenized securities trading venues (TSVs) may be exempt from the "exchange" definition under the Securities Exchange Act, and qualifying liquidity providers may be exempt from the "dealer" definition. Atkins stated that the exemptions are subject to four key conditions:

First, the TSV must be a U.S. entity and comply with the economic and trade sanctions regulations of the U.S. Office of Foreign Assets Control (OFAC);

Second, a permissioned access system must be implemented, allowing only qualifying participants to trade tokenized NMS stocks;

Third, trading of synthetic tokenized stocks is prohibited; the relevant tokenized stocks must be tokenized by the underlying stock issuer or an unaffiliated third party, and holders must enjoy the same rights as traditional securities, including dividends and voting rights;

Fourth, issuers have the right to object to and prevent their securities from being traded on the TSV, and the anti-fraud and anti-manipulation provisions of federal securities laws continue to fully apply to the relevant securities activities.

Odaily report: Robinhood CEO Vlad Tenev stated on X that the United States is entering the tokenization era, and tokenization is coming to America. Thanks to the push from the U.S. Securities and Exchange Commission (SEC), Americans can begin to enjoy the benefits brought by tokenization, including instant settlement, 24/7 trading, and fractionalized trading enabled by default. He called this a significant moment for American innovation.

Odaily News: After the U.S. SEC approved limited trading of tokenized stocks on on-chain platforms, multiple coin-stock Meme coins surged:

MEME rose 25% in the past hour, with market cap breaking above $42 million, paired with tokenized AMC;

BONER market cap broke above $47 million, up over 27.5% in 24 hours, paired with tokenized HIMS;

microduck market cap broke above $6.2 million, up over 35% in 24 hours, paired with tokenized Nvidia;

Artificial Inu market cap broke above $330 million, up over 22% in 24 hours, paired with tokenized Nvidia.

CATGPT rose 43% in the past hour, with market cap breaking above $2 million, paired with tokenized OPENAIx1L;

MOO market cap broke above $23 million, up over 57% in 24 hours, paired with tokenized MU;

GME market cap broke above $1 million, up over 52% in 24 hours, paired with tokenized GME;

NUDES market cap broke above $4.5 million, up over 53% in 24 hours, paired with tokenized SNAP.

Odaily News: Robinhood posted on X platform expressing support for the U.S. Securities and Exchange Commission's (SEC) "innovation exemption," stating that Americans should be able to use crypto technology and the financial innovation it brings, including instant settlement, 24/7 trading, and default support for fractionalized trading.

Odaily News: The U.S. Securities and Exchange Commission (SEC) stated that tokenization is expected to reduce costs in market infrastructure links such as issuance, trading, transfer, settlement, and ownership records, while enhancing transparency and liquidity. The SEC today approved a temporary, conditional "Innovation Exemption," allowing tokenized stocks to conduct limited trading on certain on-chain venues—Tokenized Securities Trading Venues (TSVs).

It is reported that qualifying TSVs can conduct approved trading through automated market makers and liquidity pools, but must meet requirements including public disclosure, trading transparency, circuit breaker coordination, record-keeping, and technical safeguards, while being subject to limits on the number of ticker symbols and trading volume. The SEC stated that this move aims to observe the operations of on-chain trading venues and market participants, providing a data basis for formulating long-term regulatory rules in the future.