Technically, the SEC regulations only provide exemptions for PUBLIC, PERMISSIONLESS BLOCKCHAINS That means Ethereum The exemptions do NOT apply to centralized blockchains with white lists, private sequencers etc (think ARC, Tempo, Solana, BNB, TRON and potentially Ethereum L2s) ------ From the SEC’s 17 September 2026 press release on the Innovation Exemption, the condition is: “Smart contracts used by a TSV must be auditable, public, and deployed on a PUBLIC, PERMISSIONLESS distributed ledger.” The fact sheet says the same thing in one line with the architecture spelled out: “The order facilitates the permissioned trading of tokenized NMS stock using innovative AMMs and liquidity pools … on PUBLIC, PERMISSIONLESS blockchain…” and repeats: “Smart contracts used by a TSV must be auditable, public, and deployed on a PUBLIC, PERMISSIONLESS distributed ledger.”