NYSE, Blockchain.com Partner on Tokenized US Stocks — SkimNews
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- NYSE and Blockchain.com announced a partnership to bring tokenized US stocks to crypto users, timed less than a week after a new SEC regulatory framework for such products.
- The SEC introduced a five-year "Innovation Exemption" allowing eligible tokenized securities venues to use permissioned automated market maker liquidity pools without being classified as exchanges under the Exchange Act.
- Under the exemption, venues must ensure tokenized stocks carry the same rights and privileges as equivalent traditional shares — a requirement that excludes products like Kraken's xStocks and Robinhood's Stock Tokens, which offer price exposure without equivalent shareholder rights.
- SEC Commissioner Hester Peirce said the exemption covers one specific model but leaves open the possibility of other approaches outside the framework.
Why it matters: The NYSE–Blockchain.com deal lands squarely inside the SEC's newly defined legal sandbox, but the same-rights requirement effectively sidelines competing products like Kraken's xStocks and Robinhood's Stock Tokens that lack equivalent shareholder privileges — giving the partnership a structural head start in the regulated tokenized equities market.
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