Regulation· ★★★· neutral·

Orca legal chief: SEC exemption lets DeFi prove its efficiency claims

  • —SEC innovation exemption grants five years of conditional relief through September 17, 2031
  • —Tokenized Securities Venues and some liquidity providers may run permissioned trading of tokenized NMS stocks
  • —Compliance controls include sanctions screening and issuer consent for tokenization
  • —Orca has traded tokenized stocks since November 2025, including Forward Industries common stock
Why it matters: The five-year window will determine whether on-chain trading of listed equities becomes a permanent framework or quietly expires in 2031.
Source: Crypto Briefing
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