Eterna Capital says SEC opens path for secondary trading of tokenized U.S. equities
SPY•Eterna Capital said the SEC created a five-year innovation exemption for secondary trading of tokenized U.S. equities, allowing permissioned liquidity pools on public blockchains under specified conditions.
1. SEC exemption framework
Eterna Capital said the SEC created a five-year innovation exemption for secondary trading of tokenized U.S. equities. The framework supports permissioned liquidity pools on public blockchains and requires tokens to represent actual shares with economic and governance rights.
2. Other crypto developments
Eterna Capital’s October 2026 note said the CLARITY Act was stalled in the Senate, limiting near-term odds for a federal crypto market-structure framework. It also cited Payward’s pursuit of Hyperliquid’s HIP-3 allowlist model, pending approval, and security losses of about $388 million at Bitget and roughly $320 million at Liquid Network.
