{"id":37902,"date":"2026-09-20T17:35:04","date_gmt":"2026-09-20T17:35:04","guid":{"rendered":"https:\/\/thebluemanakin.com\/blog\/the-us-is-building-its-onchain-stock-market-without-congress\/"},"modified":"2026-09-20T17:35:04","modified_gmt":"2026-09-20T17:35:04","slug":"the-us-is-building-its-onchain-stock-market-without-congress","status":"publish","type":"post","link":"https:\/\/thebluemanakin.com\/en\/blog\/the-us-is-building-its-onchain-stock-market-without-congress\/","title":{"rendered":"The US Is Building Its Onchain Stock Market Without Congress"},"content":{"rendered":"<p>On 17 September 2026 the SEC issued an order temporarily exempting <strong>Tokenized Securities Venues<\/strong> (TSVs) from the definition of an \u00abexchange\u00bb under the Exchange Act of 1934, allowing them to trade tokenized NMS stocks through automated market makers and permissioned liquidity pools. The exemption <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment\">expires five years after its publication<\/a> in the Federal Register. A day later, the CFTC sent its own draft rules for crypto markets to the White House Office of Management and Budget, without disclosing the contents. All of it in the same week the Clarity Act ran out of road in the Senate.<\/p>\n<p>Coverage has treated these as three separate stories. They are one operation: in the absence of legislation, the agencies are building the structure of the US capital markets with <em>soft law<\/em>. It is fast, it is reversible, and it changes the risk calculus for anyone building on top of it.<\/p>\n<h2>What the exemption actually permits<\/h2>\n<p>The visible part is that a TSV can match buyers and sellers of tokenized stock without registering as an exchange. The part that matters sits in the order&#8217;s second paragraph: the SEC also grants a <strong>conditional exemption from the \u00abdealer\u00bb definition<\/strong> in Section 3(a)(5) to liquidity providers in those pools who commit their own capital, even if they also quote prices to customers or undertake to supply capital. Without that second exemption, any firm acting as a <em>liquidity provider<\/em> in an AMM for US equities would be engaged in unregistered <em>dealing<\/em>. That is what unlocks having someone on the other side of the trade.<\/p>\n<p>The conditions fence the experiment in:<\/p>\n<ul>\n<li>Caps on the number of tradable symbols and on volume.<\/li>\n<li>The token must confer on its holder <strong>the same rights and privileges<\/strong> as the traditional share of that class.<\/li>\n<li>If the tokenization was carried out by an unaffiliated third party, the TSV must notify the issuer of the underlying stock in writing and give it an opportunity to object.<\/li>\n<li>Smart contracts must be auditable, public and deployed on a public, permissionless chain.<\/li>\n<li>The TSV must halt trading in a tokenized security <strong>at the same time<\/strong> as trading is halted in the underlying on its primary listing market.<\/li>\n<li>Disclosure of its own operations, its trading activity and that of its affiliates on the TSV itself.<\/li>\n<\/ul>\n<p>It is a curious architecture: public contracts on a permissionless chain, but permissioned participants. Transparency goes to the code; control goes to the admissions list. And the issuer of the stock gets a right of objection that, until tested, functions as a reputational veto over who tokenizes its shares.<\/p>\n<h2>Legislation replaced by a signature<\/h2>\n<p>An exemption is not a statute. It is granted by order, amended by order and revoked by order. The SEC has also opened a comment period on \u00aball aspects\u00bb of the exemption, a sign that the text itself is considered provisional. Chairman Paul Atkins described it as an \u00abimportant first step\u00bb while the Commission weighs whether further measures are needed.<\/p>\n<p>The CFTC is working with the same toolkit. Its draft sits at OMB; when it comes back, it will need a vote, a comment period and a second vote before taking effect: months of process, every stage of it reversible. In the meantime, the agency <a href=\"https:\/\/www.coindesk.com\/policy\/2026\/09\/18\/cftc-sends-crypto-rules-to-white-house-to-review-as-congress-stalls-on-clarity-act\">issued a no-action letter<\/a> allowing certain passive software providers \u2014including crypto wallet interfaces\u2014 to connect users with regulated derivatives markets without registering as <em>introducing brokers<\/em>. They can promote specific contracts and charge per-transaction fees, but cannot custody client assets, generate buy or sell signals, or control routing and execution. The relief lasts until the CFTC adopts rules of its own. Its chairman, Mike Selig, summed it up on X: \u00abThe CFTC is ready to send its rules for the new frontier of finance\u00bb.<\/p>\n<p>Translation: the regulatory framework for the next eighteen months does not live in the US Code, it lives in exemptive orders, no-action letters and self-regulatory approvals. A different majority at the Commission can change it without going near Congress. That is the price the industry is paying for speed, and it is worth saying out loud, because for two years the sales pitch was exactly the opposite: that only legislation would deliver lasting certainty.<\/p>\n<h2>The geopolitical piece: repatriating the perp<\/h2>\n<p>None of this makes sense as purely domestic policy. The most liquid product in global crypto markets \u2014the perpetual future\u2014 and its most awkward derivative \u2014synthetic exposure to US equities\u2014 have operated outside the US for years, concentrated on offshore venues and, above all, on Binance. An investor in Jakarta or Istanbul can hold leveraged exposure to Nvidia without touching any SEC-regulated infrastructure. That liquidity generates fees, market data and price-setting power beyond the American perimeter.<\/p>\n<p>That is where the applications to list <a href=\"https:\/\/decrypt.co\/378681\/coinbase-single-stock-perps-apple-tesla-nvidia\">single-stock perpetuals \u2014Apple, Tesla, Nvidia\u2014 filed by Coinbase<\/a> fit in, alongside parallel moves from Kalshi and Bitnomial. Combined with the SEC&#8217;s exemption on tokenized spot and the no-action letter that turns a wallet into a legal shop window for regulated derivatives, they add up to a full stack: onchain spot, leveraged derivative and crypto-native distribution, all inside the US. The contrast with Europe is telling: <a href=\"https:\/\/www.coindesk.com\/policy\/2026\/09\/18\/cftc-sends-crypto-rules-to-white-house-to-review-as-congress-stalls-on-clarity-act\">as CoinDesk reported citing the WSJ<\/a>, the ECB president intervened to block Binance&#8217;s MiCA licence in the EU. One jurisdiction is building on-ramps; the other is putting up barriers.<\/p>\n<h2>Who prices Apple at three in the morning<\/h2>\n<p>This is the axis almost nobody is discussing. The requirement that a TSV halt in sync with the primary market works as long as the primary market is open. The order sets no trading hours for TSVs, and that leaves an enormous grey zone: if an automated pool keeps quoting while the NYSE and Nasdaq are closed, there is no opening auction, no reference <em>circuit breaker<\/em> and no official price against which to suspend.<\/p>\n<p>In an AMM, price is not formed by an order book with humans behind it: it is set by a curve and corrected by arbitrage. When the underlying is not trading, that arbitrage leans on whatever is available \u2014futures, ADRs, another pool\u2014 and liquidity providers are exposed to the classic toxic flow of this design: whoever knows something first drains the pool before the curve adjusts. Add a perpetual on the same stock, with its funding and its automatic liquidations, and you get a system in which price formation at three in the morning on a Sunday is delegated entirely to automated risk models, oracles and hedging engines. This is not science fiction: it is the necessary condition for a market that never closes to exist at all.<\/p>\n<p>The institutional cushion that absorbs mistakes in equities \u2014trading hours, auctions, clearing houses, circuit breakers, the possibility of a human supervisor picking up the phone\u2014 was designed for a market run by people in one time zone. What is being authorized by administrative route is a market whose microstructure is only viable if machines hold it up, and it is being authorized before any supervisory doctrine exists on how to audit a <em>market making<\/em> model that decides the price of Apple on a Sunday.<\/p>\n<h2>What would disprove this reading<\/h2>\n<p>The most serious objection is that this is not a market, it is a <em>sandbox<\/em>. The order itself caps the number of symbols and the volume: if those caps are tight, TSVs will be a shop window with no depth and institutional liquidity will not move an inch. On top of that, a five-year exemption is a short horizon on which to justify serious investment in custody infrastructure, transfer agency and corporate-action handling; a reasonable CFO may decide to wait. The issuer&#8217;s right of objection could also lock out the most attractive names if investor relations departments decide they do not want their shares circulating in public pools.<\/p>\n<p>It is also possible that Congress revives a slimmed-down version of the Clarity Act and that this entire administrative scaffolding gets absorbed into statute within twelve months, in which case the reversibility thesis loses much of its force. And it may be that no operator applies for TSV status at all: the exemption has existed for days and the list of applicants is empty. If in six months there are no operating TSVs and no measurable volume, this week will have been a political signal, not a change in market structure.<\/p>\n<h2>What to do with this if you build or invest<\/h2>\n<p>The condition that decides who wins is not the \u00abexchange\u00bb exemption, it is \u00absame rights and privileges\u00bb. A token that must replicate dividends, <em>splits<\/em>, voting rights, tax withholding and corporate actions with legal fidelity requires a transfer agent, reconciliation and a custody chain that almost nobody in crypto has in place. That boring work \u2014not the AMM, which is code anyone can replicate in weeks\u2014 is the moat. Anyone assessing equity tokenization projects should look at the <em>back office<\/em> and the register first, not the <em>front end<\/em>.<\/p>\n<p>The second point is contractual design: any product that depends on a temporary exemption needs a written wind-down plan from day one. Not \u00abwhat do we do if it gets revoked\u00bb, but what happens to open positions, to pools with locked capital and to non-US clients the day a new Commission issues a different order. That document is worth more than any favourable legal opinion.<\/p>\n<p>And third, for investors: the real bottleneck in this transition is not regulatory, it is risk infrastructure. Oracles with latency guarantees, liquidation engines that work without a reference price for the underlying, automated hedging between tokenized spot and perpetuals. If the 24-hour onchain market materializes, the margin will go to whoever supplies that plumbing, not to whoever lists the ticker.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEC has granted a temporary five-year exemption allowing tokenized NMS stocks to trade in automated liquidity pools, the CFTC has sent its own rulebook to the White House, and Coinbase wants to list perpetuals on Apple, Tesla and Nvidia. With the Clarity Act dead in the Senate, US market structure is being rewritten through administrative instruments that the next administration can undo with a single signature.<\/p>\n","protected":false},"author":6,"featured_media":37903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","telegram_tosend":false,"telegram_tosend_message":"","telegram_tosend_target":0,"ep_exclude_from_search":false,"footnotes":""},"categories":[52],"tags":[2675,2678,2679,1443,2674,2680],"class_list":["post-37902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-our-blog","tag-cftc","tag-derivatives","tag-market-structure","tag-regulation","tag-sec","tag-tokenization"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The US Is Building Its Onchain Stock Market Without Congress | Blue Manakin<\/title>\n<meta name=\"description\" content=\"The SEC&#039;s five-year exemption opens onchain trading of tokenized stocks as the CFTC speeds up its own rules. 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