SEC Grants Five-Year Exemption for Tokenized NMS Stocks on Permissioned AMMs

The exemption is notable less for what it permits today than for the precedent it sets: tokenized NMS equities get a defined regulatory runway rather than case-by-case forbearance, which is the piece the sector has lacked. The CFTC's parallel relief for passive software matters because it addresses the intermediary question that has kept compliant onchain venues on the sidelines. The open question is whether these accommodations survive the five-year window or become the template for permanent treatment — and whether other jurisdictions read them as a signal.