The five-year experiment gives DeFi-style trading venues, tokenization firms and liquidity providers a new U.S. pathway while leaving synthetic stock tokens outside the framework. The SEC’s five-year exemption creates a clearer U.S. path for tokenized stocks that preserve full shareholder rights, potentially benefiting firms such as Securitize, Bullish and Superstate as well as qualifying custodial models like Dinari. Synthetic products from Robinhood, Kraken and Ondo that only provide price ex…
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