The U.S. Securities and Exchange Commission is expected to grant exemptive relief for tokenized equity trading in the coming months, according to TD Cowen, despite a slower‑than‑expected rollout of the regulatory framework.
The delay is linked to political considerations, ongoing congressional work on crypto market‑structure legislation, and details of the proposed relief orders rather than opposition to tokenization itself.
SEC Chair Paul Atkins remains supportive of tokenized equity securities, and approval is still anticipated in the near term.
Congressional efforts, including work on the Clarity Act and broader crypto legislation, may affect timing; late July is identified as a possible deadline before the August congressional recess.
After the recess, legislative focus is expected to shift toward election campaigning and government funding measures, which could further slow progress later in the year.
Regulators are still finalising practical details of how tokenized stocks would be issued and traded, requiring additional industry outreach and policy refinements before relief orders are finalised.
