# 2026-19388: SEC Greenlights Crypto Pools for Tokenized Stocks—Wild Ride Ahead?

2026-19388, Order Granting Temporary Conditional Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934, From the Definition of “Exchange” in Section 3(a)(1) of the Exchange Act for the Use of Certain Distributed Ledger Trading Venues for Tokenized NMS Stocks and From the Definition of “Dealer” in Section 3(a)(5) of the Exchange Act for Certain Liquidity Providers for Tokenized NMS Stocks, and Request for Comment, is a Federal Register notice from Securities and Exchange Commission published 2026-09-22, effective 2026-09-22; PRIA reads it as touching household money (as of 2026-09-29).

- Canonical: https://policyrisk.com/federal-register/2026-19388
- As of: 2026-09-29
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19388
- Title: Order Granting Temporary Conditional Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934, From the Definition of “Exchange” in Section 3(a)(1) of the Exchange Act for the Use of Certain Distributed Ledger Trading Venues for Tokenized NMS Stocks and From the Definition of “Dealer” in Section 3(a)(5) of the Exchange Act for Certain Liquidity Providers for Tokenized NMS Stocks, and Request for Comment
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 60168
- Published: 2026-09-22
- Effective: 2026-09-22
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-29

## In one line

SEC Greenlights Crypto Pools for Tokenized Stocks—Wild Ride Ahead?

## Summary

The SEC is giving a temporary green light for special trading platforms to use new tech called AMM Liquidity Pools to trade tokenized stocks safely. This means certain trading venues and liquidity providers won’t be treated like traditional exchanges or dealers for now. This change helps innovation move faster while the SEC gathers feedback, with no immediate cost impact but big potential for future market growth.

## Effects PRIA read

- Temporary Exemption for Tokenized Trading Venues: benefit, medium. The SEC temporarily exempts certain Tokenized Securities Venues (TSVs) from the Exchange Act definition of “exchange,” allowing permissioned trading of tokenized NMS stocks using AMM liquidity pools. The exemption is time-limited and set to expire five years after publication (publication date: Sep…
- Dealer Exemption for Liquidity Providers: benefit, medium. The SEC grants a temporary exemption from the Exchange Act definition of “dealer” to certain liquidity providers ("Covered Firms") that supply liquidity in the form of tokenized NMS stock using proprietary capital and meet conditions set by the Order. This relief applies only while the Order is in…
- Transparency Condition: Public, Auditable Smart Contracts: benefit, low. To qualify, a TSV must use distributed ledger applications (smart contracts) that are auditable, public, and deployed on a public, permissionless distributed ledger. This requirement is intended to help participants and third parties audit and assess risks before trading on a TSV.
- TSVs Must Be U.S. Persons and Follow OFAC Rules: cost, low. A TSV must be a U.S. person to rely on the exemption, and thus must comply with economic and trade sanctions programs administered by OFAC (including blocking property of SDNs and not transacting with designated persons).
- 30-Day Public Notice Before Operating a TSV: benefit, low. Before operating, a TSV must prominently publish a plain-English notice on its public website at least 30 calendar days before beginning operations and take other specified post-publication steps. The Notice must be clear and understandable and include information specified by the Order.
- Anti-Fraud Rules Still Apply on TSVs: benefit, high. The Order does not exempt a TSV or TSV participants from the anti-fraud and anti-manipulation provisions of the Federal securities laws (for example, Section 10(b) and Rule 10b-5) and other applicable securities registration requirements. Those protections continue to apply to securities activity o…

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- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2026-19388 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/22/2026-19388/order-granting-temporary-conditional-exemptive-relief-pursuant-to-section-36a1-of-the-securities)
- [2026-19388 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-22/pdf/2026-19388.pdf)

## Related
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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-19388 (as of 2026-09-29).