SEC’s Tokenized-Securities Register Is Not an Approval List
The SEC’s Innovation Exemption page lists four entities that submitted notices of intent to operate tokenized-securities venues. The agency warns that appearing on the register does not mean an operator qualifies for the exemption or has met its conditions.
- Four entities submitted notices between September 23 and November 9, 2026.
- A listing records a submission, not SEC approval.
- Operators must publish notice at least 30 calendar days before they begin operations.
- Baruch’s program lists SEC official Jamie Selway for a market-structure conference, but does not verify what he said.
What the SEC register shows
The SEC’s Innovation Exemption page lists TSV LLC, OKXICE TSV, Kephas Corporation, doing business as Perpetuals.com, and Formation Securities LLC. Their submission dates are September 23, October 4, October 14, and November 9, 2026, respectively.
The SEC describes the underlying order, dated September 17, 2026, as temporary, conditional relief from the definition of an “exchange” in Section 3(a)(1) of the Securities Exchange Act of 1934. The order is Securities Exchange Act Release No. 106402.
This is not blanket authorization to trade tokenized securities. The SEC says that being listed does not establish that an entity meets the definition of a Tokenized Securities Venue or has satisfied the exemption’s conditions. The agency also says its staff does not assess the merits or accuracy of a submitted notice.
In practice, the register confirms that an entity submitted a notice of intent. It does not show that the SEC approved the venue, confirmed its eligibility, or found it ready to operate.
What operators must do before starting
Under the SEC’s published process, an operator must prominently post a copy of its notice on a publicly available website at least 30 calendar days before starting operations. Within one business day of posting, it must notify the SEC in writing and provide contact information and the location of the notice.
These are notice requirements, not a replacement for the exemption’s conditions. The SEC’s register does not say whether any of the four entities has met those conditions or begun operating.
The distinction matters because “tokenized” describes how a security may be represented or recorded using blockchain-based systems. The term alone does not determine the legal rights attached to the security. Those depend on the underlying security and the arrangements for its issuance, custody, and transfer.
Put simply, a security represented using blockchain-based systems has a digital record and rights attached to the underlying security. The SEC has also proposed blockchain as an official ownership record for tokenized securities.
What Selway’s conference listing confirms
Baruch College’s program lists Jamie Selway, director of the SEC’s Division of Trading and Markets, for a 9 a.m. keynote fireside chat on November 13, 2026, at the Zicklin School of Business in New York. The conference is billed as a broad discussion of equity-market structure.
The program shows that Selway was scheduled to appear. It does not establish what he said or whether the session took place. Without a transcript, recording, or reliable account of his remarks, claims about his views on continuous trading, tokenized securities, or other market developments remain unconfirmed.
A scheduled appearance is not a regulatory position. And a notice on the SEC’s register is not a finding that a venue can operate. Those distinctions may be less exciting than a launch announcement, but they matter when securities rules are involved.
Key questions and answers
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Which entities are listed on the SEC register?
TSV LLC, OKXICE TSV, Kephas Corporation doing business as Perpetuals.com, and Formation Securities LLC.
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Does a register listing mean the SEC approved a venue?
No. The SEC says inclusion does not establish that an entity qualifies as a Tokenized Securities Venue or meets the exemption’s conditions.
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What must an operator do before beginning operations?
It must prominently publish its notice on a public website at least 30 calendar days beforehand, then notify the SEC in writing within one business day of publication.
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What does the Innovation Exemption change?
It provides temporary, conditional relief from the statutory definition of an exchange. It is not a blanket exemption from securities regulation, and a register listing alone does not establish eligibility to operate. A legal analysis of the exemption also explains its specific scope.
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What does Baruch’s program confirm about Selway?
It lists him for a keynote fireside chat on November 13, 2026. The program does not verify that the session took place or what he said.
