Order Granting Temporary Conditional Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934, From the Definition of “Exchange” in Section 3(a)(1) of the Exchange Act for the Use of Certain Distributed Ledger Trading Venues for Tokenized NMS Stocks and From the Definition of “Dealer” in Section 3(a)(5) of the Exchange Act for Certain Liquidity Providers for Tokenized NMS Stocks, and Request for Comment

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-106402; File No. 4-927] September 17, 2026. I. Introduction The Securities and Exchange Commission (“Commission” or “SEC”) hereby issues these temporary, conditional exemptions to facilitate the permissioned trading of tokenized NMS stock using innovative automated market makers (“AMMs”) and liquidity pools (together referred to as “AMM Liquidity Pools”). Specifically, the Commission hereby issues to “Tokenized Securities Venues” (“TSVs”) an exemption from the definition of “exchange” in section 3(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) (“TSV Exemption”). The Commission also hereby issues an exemption from the definition of “dealer” in section 3(a)(5) of the Exchange Act to certain liquidity providers in an AMM Liquidity Pool that supply liquidity in the form of tokenized NMS stock (“Covered Firm Exemption”). A TSV is an organization, association, or group of persons that brings together buyers and sellers of Tokenized NMS Stock by: (1) providing one or more AMM Liquidity Pool(s) for permissioned participants to interact and agree to terms of a trade and (2) setting standards for persons to access trading on such AMM Liquidity Pool(s). For purposes of this order (“Order”), “Tokenized NMS Stock” means an NMS stock  [ 1 ] that is (1) a security t…