Source: SEC official website; Compiled and edited by Shaw, Golden Finance.
On October 22, the U.S. Securities and Exchange Commission (SEC) officially announced that three companies—TSV LLC, OKXICE TSV, and Perpetualscom—have submitted applications under its new Innovation Exemption to operate tokenized securities trading venues (TSVs).
TSV LLC is owned by Ali Abrar and Ryan Trinkle, co-founders of Obsidian Systems; Ryan Trinkle also serves as a member of the Canton Foundation's board. The platform is slated to operate on the Canton Network and was filed on September 23.
OKXICE is a joint venture between OKX and ICE Markets, planning to operate on OKX's Ethereum layer-2 network, X Layer, and was submitted on October 4;Kephas Corp. is the U.S. subsidiary of Perpetuals.com, a platform that plans to operate on Kronos X Public, a public, permissionless Layer 2 network featuring a permissioned trading pool, as filed on October 14.
The SEC stated that a tokenized securities trading platform (TSV) must, at least 30 calendar days prior to commencing formal operations, publish a conspicuous notice on its public website—the TSV Notice—containing all the information specified in the exemption order issued by the U.S. Securities and Exchange Commission (SEC) on September 17, 2026. (For more details, see Golden Finance's earlier article, "U.S. SEC Introduces Innovation Exemption: Tokenized U.S. Stocks Can Be Traded on Licensed AMM DEXs.")
Within one business day of the TSV announcement's publication, the platform must separately submit a written notice to the SEC's designated email address, stating its intention to operate pursuant to the TSV exemption rules. The notice must include the platform's contact information (e.g., email address, telephone number) and the access URL for the TSV announcement (e.g., a web page URL).
The SEC also stated that filing an application does not mean that the entity meets the definition of a "tokenized securities trading platform" under the Innovation Waiver Order, nor does it indicate that the entity has demonstrated compliance with all the requirements of the TSV exemption rules. SEC staff do not make any determinations regarding the substantive compliance or informational accuracy of any TSV notice, revised TSV notice, or notice of intent to operate filed pursuant to the TSV exemption rules. If an entity withdraws its TSV notice, its name will be removed from the application list upon withdrawal.
Meanwhile, the SEC has updated its Frequently Asked Questions (FAQ) on the Innovation Waiver for Tokenized Securities. Below is the FAQ content translated by Golden Finance for reference.
The staff of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (SEC; hereinafter referred to as "the Commission") has prepared the following Frequently Asked Questions (FAQs) in response to the Commission's exemption order. This exemption order provides a conditional exemption from the definition of "exchange" under Section 3(a)(1) of the Securities Exchange Act of 1934 (the "Exchange Act") for certain distributed ledger‑based trading platforms that trade tokenized NMS securities, and it also exempts certain liquidity providers of such tokenized NMS securities from the definition of "broker" under Section 3(a)(5) of the Exchange Act.
This FAQ reflects the views of the staff only and does not constitute a rule, regulation, or official statement adopted by the Commission. The Commission has neither approved nor disapproved its contents. Like all documents issued by the staff, this FAQ carries no legal force: it does not amend or alter applicable law, nor does it impose any additional obligations on any party.
Unless otherwise defined herein, the terms used in the FAQ shall have the same meanings as set forth in the Exemption Order.
Question 1: We intend to operate a tokenized securities trading platform (TSV) under the TSV exemption rules set forth in the Exemption Order, and we are currently establishing the operational framework and admission criteria. At this stage, when should we issue the TSV operating announcement?
Answer: The TSV must, at least 30 calendar days prior to the official commencement of operations, publish a notice in a prominent location on its public website, disclosing all information required under the exemption order. The public announcement must be in plain English—clear, concise, and easy to understand—while ensuring that the information is accurate and complete. The notice must fully cover all the information set out in Section 3 of the exemption order and reflect the operational rules and admission criteria that will apply when the TSV officially launches trading. Accordingly, the staff's view is that the TSV should issue the public announcement only after its operating mechanisms and admission standards have been fully implemented and are ready for formal launch. Following the publication of the notice, the TSV is required to continuously revise it in accordance with the exemption order, ensuring that the disclosed information is kept up to date in real time.
Question 2: Our TSV has submitted a notice to the issuer, planning to list on the platform tokenized NMS shares that have been tokenized by an independent third party unaffiliated with the underlying stock issuer. However, the 30-calendar-day objection period specified in the issuer's notice has not yet expired. When preparing the public announcement, how should such tokenized NMS shares be disclosed?
A: The TSV must disclose in its public announcement all underlying assets that, together with the tokenized NMS shares, constitute trading pairs on the platform: tokenized NMS shares, non‑securities‑type crypto assets, and tokenized money market funds. Since the TSV may not commence operations or trade tokenized NMS shares before the 30‑day public notice period expires, it may list in the announcement those tokenized NMS shares for which an issuer notification has been submitted, while indicating that the issuer's objection period is still ongoing. Once the issuer's objection period has expired, if the issuer fails to submit an objection notice on time, the TSV may then list the relevant tokenized NMS share; at that point, the TSV must amend the public announcement to indicate that the objection period has concluded and, in accordance with the exemption order, include the tokenized NMS share in the listing. Conversely, if the TSV receives a timely objection notice from the issuer, pursuant to the exemption order, the TSV must revise the public announcement to state that the issuer has raised an objection and must refrain from listing the tokenized NMS share.
Question 3: Where can I find the list of entities that have submitted TSV exemption notices of intent to operate to the SEC?
A: The SEC will publish a list that includes all entities that have submitted written notice to the Commission and intend to operate under the TSV exemption rules.