On September 17, the SEC granted a temporary "Innovation Exemption" for trading tokenized US stocks, while CFTC Chair Michael Selig called on markets to prepare for "mass tokenization." On the same day, the CFTC submitted a regulatory action concerning crypto asset transactions and markets to the White House for preliminary review.

CFTC Submits Crypto Markets for Preliminary Regulation

The CFTC initiative filed on September 17 is at the "prerule" stage and does not disclose details of future regulations. Selig emphasized that the agency will promote a principles-based approach as tokenization and on-chain finance evolve. In August, he said the CFTC would continue to operate within its current authority if Congress does not pass the CLARITY Act; on September 15, the Senate did not advance this bill.

SEC Opens Path for Limited Trading of Tokenized Stocks

The temporary exemption issued on September 17 allows certain platforms to trade digital versions of stocks listed in the US, provided they meet established conditions. According to SEC Chair Paul Atkins in February, this regime could ease the transition to on-chain trading until long-term rules are developed.

Selig: Tokenization Will Accelerate Settlements and Collateral

Speaking Tuesday at a US Treasury securities market conference, Selig stated that tokenizing real-world assets could form the basis of a more efficient financial system—with nearly instant settlements and real-time collateral movement between clearinghouses, intermediaries, and users. "Just as the shift from open outcry to electronic trading advanced our financial system, I believe tokenization can do this for all asset classes," he said.

SEC: On-Chain Market Development Should Not Be Politicized

SEC Division of Trading and Markets Director Jamie Selway said on Bloomberg TV that tokenization and the crypto industry are "not inherently a politicized function" and that the development of these markets in the US should receive bipartisan support.