NYSE Partners With Blockchain.com on Tokenized Stocks — SkimNews
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- NYSE and Blockchain.com announced a partnership to bring tokenized U.S. stocks to crypto users, with The Block noting the scope also extends to ETFs.
- The deal landed less than a week after the SEC introduced a five-year "Innovation Exemption" letting eligible venues use permissioned automated market maker liquidity pools without being treated as exchanges under the Exchange Act.
- The exemption requires tokenized stocks to carry the same rights and privileges as traditional shares — a condition that excludes current products including Kraken's xStocks and Robinhood's Stock Tokens, which offer equity exposure without full shareholder rights.
- SEC Commissioner Hester Peirce clarified the exemption covers one specific model but leaves open the possibility of other approaches outside the framework, keeping a regulatory door ajar for the excluded products.
Why it matters: The exemption's shareholder-rights requirement explicitly sidelines Kraken's xStocks and Robinhood's Stock Tokens in their current form, giving the NYSE–Blockchain.com pairing and other compliant venues a regulatory head start — though Peirce's comment signals that competing structures may still emerge outside the framework.
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