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Events/U.S. Capital Markets Onchain: The Innovation Exemption and Digital Transfer Agents
U.S. Capital Markets Onchain: The Innovation Exemption and Digital Transfer Agents
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U.S. Capital Markets Onchain: The Innovation Exemption and Digital Transfer Agents

What the SEC's five-year exemption actually permits, and who keeps the register

3:00 PM – 4:00 PM UK · 10:00 AM – 11:00 AM NY · 20 October 2026
# Tokenization# Regulation# Capital markets

The SEC's innovation exemption is the first time U.S. regulators have offered tokenized securities a route that does not start with a no-action letter. It comes with conditions, a clock, and an unanswered question: who keeps the register when the share is a token?

We will cover:

  • What the exemption actually permits, and what it still leaves outside the perimeter
  • The digital transfer agent: recordkeeping, reconciliation and who the issuer answers to
  • What has to be in place before a U.S. issuer can take a tokenized instrument to market