SEC Grants Five-Year Exemption for Tokenized US Stocks, Synthetic Exposure Products Excluded

The U.S. Securities and Exchange Commission (SEC) announced on September 17 that it will provide a five-year exemption for eligible tokenized U.S. stocks, allowing them to be traded on-chain in the U.S. The tokens must have the same rights as the underlying stocks, including dividends, voting rights, and share class rights. Synthetic exposure products are not included in the exemption. AMC Entertainment CEO Adam Aron criticized Robinhood's tokenized AMC stock as a "quasi-false market" and threatened legal action. Robinhood CEO Vlad Tenev stated that public companies do not have the authority to approve every product developed based on their stocks. During the seven trading days from August 31 to September 9, the median deviation of the closing price of Robinhood's AMC token in the Uniswap pool compared to the closing price of AMC on the New York Stock Exchange was 0.87%, with a maximum deviation of 2.71%. This Uniswap pool accounted for approximately 95% of the related trading.

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