SEC「創新豁免」來了：無需上市公司授權，股票代幣交易或將合規開放

On May 18, 2026, Bloomberg reported, citing sources familiar with the matter, that the U.S. Securities and Exchange Commission (SEC) could issue an "Innovation Exemption" policy for tokenized stocks as early as this week, creating a new compliance framework for investors to bet on the price movements of listed company stocks. The most striking detail of this policy is that the SEC is currently inclined to allow the trading of third-party tokens that are not endorsed or approved by the listed companies themselves. This means anyone could theoretically "tokenize" the stocks of companies like Apple or Tesla without needing authorization from those companies.

This is arguably the most disruptive step yet in the Trump administration's push to integrate blockchain with traditional securities markets. The exemption policy is considered one of the most significant regulatory initiatives under SEC Chairman Paul Atkins and a core component of his "Project Crypto" plan.

Key Takeaways

• SEC could issue the "Innovation Exemption" policy for tokenized stocks as early as this week, according to the latest regulatory developments reported by Bloomberg.
• The SEC is proposing to allow third parties to issue and trade tokens representing shares of listed companies without the companies' consent.
• The exemption period is expected to last 12 to 36 months, with regulatory guardrails including exposure limits and disclosure requirements.
• Crypto-native platforms like Coinbase could potentially list US stock token trading without obtaining a full broker-dealer license.
• Traditional institutions like DTCC, Nasdaq, and the NYSE are already accelerating their efforts, with live trading of tokenized assets expected to begin between July and October.
• Analysts estimate the tokenized asset market could reach between $2 trillion and $10 trillion by 2030.

What is the "Innovation Exemption" for Tokenized Stocks?

Tokenized stocks refer to digital tokens created on a blockchain that represent equity in a traditional listed company. Compared to traditional stock trading, their advantages include faster settlement (near-instant versus T+1 in traditional markets), support for fractional ownership, lower transaction costs, and 24/7 trading availability.

The "Innovation Exemption" that the SEC is about to release is essentially a 12 to 36-month regulatory sandbox. According to Bloomberg's latest report, participating platforms will not need to obtain full broker-dealer or exchange registration but must meet conditions such as exposure limits, information disclosure, and periodic reporting.

The exemption policy also does not change the legal nature of tokenized stocks. As the SEC clarified in its January 2026 guidance, tokenizing a security does not change its status as a security. Federal securities laws apply based on economic substance, consistent with the legal status of the underlying asset.

The Most Controversial Core: Third-Party Tokenization

The most discussed aspect of this policy is the SEC's inclination to allow third parties to issue tokenized stocks. This means a third party can package a company's stock into on-chain tokens for trading without needing authorization from the listed company itself.

According to Crypto Briefing's analysis, these third-party tokenized securities will create parallel stock markets on-chain. Proponents argue that this will significantly lower the barrier for retail investors to access US stock trading and attract deeper integration of DeFi protocols with traditional financial markets.

However, opposition is equally strong. Brett Redfearn, President of Securitize and former Director of the SEC's Division of Trading and Markets, pointed out that if a third party can tokenize Apple or Amazon without the issuer's involvement, there is theoretically no limit to the number of token products for the same company. This could lead to an unprecedented degree of market fragmentation, making it difficult for investors to confirm the true value of their holdings.

In fact, according to CoinDesk's in-depth report, there is still disagreement within the SEC regarding whether to allow tokenized stock trading without issuer participation. This internal tension will determine the final boundaries and details of the policy.

Traditional Financial Institutions Are Already Accelerating

Regardless of the final details of the exemption policy, Wall Street has already taken the lead.

According to CoinDesk's latest report, the Depository Trust & Clearing Corporation (DTCC) plans to begin limited live trading of tokenized assets in July of this year, with a larger formal launch in October. Nasdaq received SEC approval in March 2026 to build a foundational framework for blockchain stock issuance. Shortly after, in April, the NYSE's parent company, Intercontinental Exchange (ICE), announced a partnership with OKX to expand into tokenized stocks and crypto-linked products.

The market capitalization of tokenized real-world assets (RWA) has already surpassed $27 billion. A report by SpazioCrypto indicates that BlackRock's BUIDL fund, Amundi's SAFO (which raised $400 million in three weeks), and Legal & General (moving £50 billion in assets onto the blockchain) are leading this institutional wave of tokenization. Multiple analysts predict the tokenized asset market could expand to between $2 trillion and $10 trillion by 2030.

Impact on the Crypto Market: Opportunities and Risks

Bullish Factors

The legitimization of tokenized stocks means that the product boundaries of crypto trading platforms will significantly broaden. Platforms like Coinbase could potentially offer on-chain trading of US stock tokens like Apple and Nvidia to their users without needing a licensed broker-dealer, attracting larger numbers of traditional investors into the crypto ecosystem.

A report by KuCoin notes that this exemption is the most critical step from regulators towards on-chain finance following the approval of tokenized trading by Nasdaq and the NYSE. It will further solidify "Project Crypto" as a banner for structural change in the U.S. capital markets.

Risk Factors

The core controversy surrounding third-party tokenization is that such tokens often do not confer actual shareholder rights to the holder. According to CoinDesk's interpretation of the SEC's guidance from January 2026, the SEC makes a clear distinction: issuer-led tokenization can represent real equity ownership, while third-party tokens are typically synthetic instruments or custodial arrangements that do not grant voting rights, information rights, or constitute a direct claim on the issuer.

For investors looking to participate in tokenized stock trading, distinguishing between "real equity tokens" and "synthetic tracking tokens" will be the first step in mitigating risk.

Looking to Position in the Tokenization Track Now?

If you want to seize the industry opportunities brought by tokenized stocks at the first moment, you can trade tokens directly related to the RWA track, as well as mainstream blockchain infrastructure projects, on MEXC.

Open an Account Now and Position in the Tokenization Track

Exclusive Insights from the MEXC Crypto Pulse Research Team

The release of the SEC's "Innovation Exemption" marks a shift in the regulatory stance towards tokenized financial markets, moving from "tolerance and observation" to "actively building frameworks." From a market structure perspective, the deeper significance of this policy is that it will drive liquidity migration onto the blockchain, altering the market share landscape of traditional brokerages.

For crypto investors, the core opportunity lies not just in the tokenized stocks themselves, but in the entire infrastructure layer – oracles, settlement protocols, and compliance middleware. These areas are likely to benefit first as institutional funds migrate en masse onto the blockchain.

It is worth noting that the opening of third-party tokenization may trigger regulatory arbitrage in the short term. However, in the medium to long term, the sandbox mechanism and "Sunset Provision" set by the SEC provide a clear exit path for this experiment: either prove it is sufficiently decentralized to be reclassified as a commodity, or complete full registration after the exemption period ends. The design logic of this mechanism is quite clear and is likely to withstand market stress tests.

The MEXC team will continue to track the release of the official exemption policy text and will analyze its impact on the prices of various tokenized assets immediately.

FAQ

Q1: What are tokenized stocks?

Tokenized stocks are digital tokens created on a blockchain that represent equity in a listed company. They provide exposure to the price of the underlying stock, but depending on how they are issued, they may not confer actual shareholder rights to the holder.

Q2: When will the SEC's "Innovation Exemption" take effect?

According to Bloomberg, the SEC could announce the policy as early as the week of May 18, 2026. The specific eligibility criteria, scope, conditions, and duration will only be confirmed after the official text is released.

Q3: What is the difference between third-party tokenized stocks and issuer-led tokenization?

Issuer-led tokenization involves a listed company directly issuing its equity on the blockchain, granting token holders real legal shareholder rights. Third-party tokenization involves an independent platform packaging a company's stock into a synthetic product or custodial receipt without the company's authorization, typically without granting voting or information rights.

Q4: Can ordinary retail investors participate in trading tokenized stocks?

The exemption policy is expected to include exposure limits and KYC requirements for retail investors. Before the official rules are published, ordinary investors should carefully assess the risks involved, particularly the counterparty risk of third-party synthetic tokens.

Q5: What is the impact on the crypto market?

The legitimization of tokenized stocks will bring more product types to crypto platforms, attract traditional investors to the on-chain market, and promote further integration of DeFi with traditional finance, potentially driving an overall increase in market liquidity and user base.

Q6: Where can I trade assets related to the tokenization track?

On MEXC, you can trade mainstream blockchain infrastructure tokens and RWA-related assets.