The US Securities and Exchange Commission is advancing its framework for digital capital markets, paving the way for onchain traditional finance. Under the SEC Innovation Exemption, Tokenized Securities Venues are preparing to launch real-world experiments that blend blockchain technology with regulatory oversight. Key insights from the upcoming regulatory shifts: ⏩ High-ranking SEC officials project that Tokenized Securities Venues will submit initial operational notices in the fourth quarter of 2026. ⏩ Qualifying participants receive a five-year relief window to trade tokenized stocks using automated market makers without immediately triggering traditional regulatory burdens. ⏩ The exemption allows firms to test onchain equity trading, continuous market access, deeper liquidity, and improved capital efficiency in real-world scenarios. ⏩ Agency officials distinguish these platforms from true decentralized finance, defining them instead as onchain finance due to their identified operators and structured accountability. ⏩ SEC leadership views this initiative as a foundational step toward modernizing American capital markets for the digital era. As market participants finalize their frameworks, the upcoming quarterly filings will officially reveal which pioneers are leading the transition of equities onto the blockchain.