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Xchange brief
•Published 2 Nov 2026
What does the Innovation Exemption mean for market participants?
US brokers can now trade on-chain equities. What are the terms, why does it help, where does it fall short?
On 17 September 2026 the US Securities and Exchange Commission (SEC) let tokenised US equities trade on-chain, two days after the Senate blocked the bill meant to govern them.
The relief granted by the Innovation Exemption is real but narrow: a five-year, conditional experiment in secondary trading, not a new market structure.
Snapshot of this brief:
- What is the SEC innovation exemption?
- How does it relate to the GENIUS and CLARITY Acts?
- What are the terms of the exemption?
- Why does it help, and where does it fall short?
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