Tokenized equities are moving from digital representation to market structure. The SEC’s Innovation Exemption creates a temporary, conditional framework for onchain secondary trading of tokenized NMS stocks through permissioned AMM liquidity pools. Key conditions include: - Same shareholder rights - Issuer objection rights - Public, auditable smart contracts - Public permissionless DLT - Linked trading halts The key question is no longer whether stocks can trade onchain, but how tokenized equities can operate while preserving the rights, protections, and controls of the underlying public market. The framework keeps shareholder rights, issuer protections, permissioned access, and existing anti-fraud and market-integrity requirements in place. This moves tokenization beyond digital representation toward building an operating market around the asset. The exemption is temporary, but it creates a framework for testing blockchain as an execution layer within existing capital-market structures rather than a separate parallel market. #STOChain #RWA #Tokenization