The SEC's Innovation Exemption, without the legalese: Overview: a 5-year pass for onchain venues to trade tokenized listed stocks through AMMs and liquidity pools, without registering as a stock exchange (bullish). What: real shares only. The token has to carry the same rights as the stock (votes, dividends). No synthetics. Who can run one: US entities, on public blockchains, with every user permissioned (less bullish but makes sense). Who can LP: anyone using their own capital, without registering as a dealer, if they meet disclosure and recordkeeping conditions. The guardrails: a cap on tickers per venue, volume caps that scale with how liquid the stock is, no margin, trading halts when the primary market halts, and every trade published (price, size, time, pool). The catch: venues must give a company 30 days notice before listing its stock. The company can say no. Silence counts as yes. The point: the SEC collects live data for 5 years, then writes permanent rules. An SEC spokesperson called it "a way station to final rulemaking." imo, this is a great step forward.