A working model of the SEC’s ‘Innovation Exemption’ Release 34-106402

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A working model of tokenized SpaceX shares, wrapped by a third party and traded under the SEC’s Innovation Exemption. See how the process works, for all parties involved.

In September 2026 the SEC let an unaffiliated firm tokenize a listed company’s stock without its permission, and trade that token on a venue it calls a Tokenized Securities Venue. The company then gets written notice and thirty days to object and stop it. This is that arrangement, running. Sign in and stand in any of the five parties: the transfer agent keeping the register, the company whose stock was wrapped, the firm that wrapped it, the venue where it trades, or someone holding the token.