SEC Opens Onchain Stock Trading
AI Summary
The SEC granted a five-year conditional exemption allowing tokenized stock trading venues to operate on public blockchains, with volume caps and an issuer veto. Circle launched its Arc mainnet with 11 institutional validators including BlackRock, DTCC, and Visa, enabling USDC-based transactions with no gas token. The Senate blocked the CLARITY Bill 49-50, but the SEC and CFTC indicated they will proceed with rulemaking anyway.
Key Facts
Author Takes
Onshore tokenized stock trading
Onshore tokenized stock trading now requires transfer agent's register, shareholder's vote, and issuer's acquiescence, limiting venues to those with registered transfer agents.
Circle's Arc
Circle owns every layer of Arc except block producers, giving it control over validators, fee asset, FX layer, and token supply.
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