SEC Innovation Exemption Draws Three Tokenized-Stock Venues; Nasdaq Objects

The exemption is functioning as a filing gateway rather than an approval: three venues have jumped in while the SEC itself cautions that listing does not confer compliance, leaving each firm's operational readiness unproven. Nasdaq's refusal to permit tokenization of its shares is the sharper signal, revealing that incumbent exchanges can opt out and fragment the universe of tokenizable equities before the framework matures. The open question is whether more issuers follow Nasdaq's lead or whether venue demand forces accommodation, and whether the SEC's disclaimer becomes a recurring feature of this five-year experiment.