The US Securities and Exchange Commission has greenlit trading in tokenised stocks, pushing crypto companies into traditional equity markets. Under the innovation exemption, firms like Robinhood must provide written notice and an opportunity for companies to object before offering tokenised equities. Tokenised stocks must grant investors the same rights as traditional shares, including voting rights, and trading must halt during stoppages.

Issuers including Robinhood and Kraken owner Payward will need to adjust models currently offered outside the US, as they currently do not require issuer permission or offer direct voting rights. The order provides a five-year exemption from rules applicable to platforms like Nasdaq and the New York Stock Exchange. Crypto firms are competing with established brokerages by offering 24/7 blockchain access to tokenised assets.

Securitize chief executive Carlos Domingo argues tokenisation should modernise ownership, not create a parallel version without corporate involvement. Before the rule, few companies undertook direct issuance; Figure Technology Solutions issued equity onto the blockchain in February. Ondo Finance's Matthieu de Vergnes notes derivatives tied to equities already exist, such as equity-linked notes, and emphasises the importance of regulation and tight links to actual markets.