CEO/Founder @Vertalo_, cofounder @LiveIntent (exit '24), founding team CheetahMail (exit '04). #RWA Tokenization Realist since 2017
Austin, TX
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How the SEC's Innovation Works in the real world and what needs to be tweaked before it can really cook.
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Dave Hendricks retweeted
It's packed with real good data, companies, services, etc..., but if you sign up, you'll see it's real superpowers. @davehendricks killed it with this one.
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I know you are all excited about the @SECGov's Innovation Exemption
I've found the ideal live performance on YT to capture the enthusiasm
piped.video/SDyR8Dc2Xhc?si=MyDp…
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I’m going to miss the genius of @HesterPeirce as expressed through allegorical and rhetorical gems like this:
“In issuing this order, the Commission is rejecting the approach that the mythological Procrustes would have taken. He was not asking the guests their sleep number; he claimed to have a bed that fit every traveler. In reality, he brute-forced each traveler to fit the one bed he had by stretching short travelers and cutting the legs off tall ones. Here, by contrast, the Commission is using its exemptive authority to tailor the bed to fit the sleeper. Carefully crafted conditions on that relief should ensure that nobody else’s sleep is disturbed.”
The SEC's Innovation Exemption came out. Tokenized Stocks onchain are now tradeable. This is kind of a big deal.
But can you read every page of the Exemption? Why bother, I did that for you.
As a builder of agentic tokenization and transfer agency, serving issuers and their investors since 2017, this is exciting: Tokenized shares of listed US companies can trade onchain, in the US, for 5 years.
I built a platform to help you figure out what to do. @tokenplaybook
We analyzed the exemption and have broken down and created a 'runbook' of 14 steps to actually do it, 1 per post. Built from the 60-page order, not the press release. 🧵
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You Asked For This. For Years.
"The order creates the Tokenized Securities Venue, or TSV: an organization that brings buyers and sellers of tokenized NMS stock together through one or more permissioned automated market maker liquidity pools, and that sets the standards for access to them. A TSV is exempt from the definition of "exchange" in section 3(a)(1). A companion exemption relieves a liquidity provider that supplies tokenized NMS stock from its own capital (a "Covered Firm") from the definition of "dealer" in section 3(a)(5)."
Ok, so what now? Now that we got the WHEN....What is the 'HOW'?
The Innovation Exemption Explained, AND the RUNBOOK that you need to use to issue and trade them.
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Here are all the steps. I covered this in a previous thread. But this might be easier to read:
thetokenplaybook.com/runbook…
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The SEC's Innovation Exemption came out. Tokenized Stocks onchain are now tradeable. This is kind of a big deal.
But can you read every page of the Exemption? Why bother, I did that for you.
As a builder of agentic tokenization and transfer agency, serving issuers and their investors since 2017, this is exciting: Tokenized shares of listed US companies can trade onchain, in the US, for 5 years.
I built a platform to help you figure out what to do. @tokenplaybook
We analyzed the exemption and have broken down and created a 'runbook' of 14 steps to actually do it, 1 per post. Built from the 60-page order, not the press release. 🧵
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Step 13: the custodian is the holder of record.
Dividends, votes and liquidation proceeds land at the custodian and must reach token holders in full and on time.
Document the pass-through, including how a vote is collected and cast. The venue verifies it. The issuer will ask.
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Step 14: a synthetic wrapper doesn't qualify.
A tokenized linked security or a tokenized security-based swap is not Tokenized NMS Stock. It stays on the ATS and offshore routes.
The full cited runbook is on The Token Playbook: thetokenplaybook.com/regulat…
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