⚖️ SEC sets a new framework for tokenized-stock trading - but it did NOT approve specific blockchains. Under Release No. 34-106402, the SEC created a temporary conditional exemption for certain Tokenized Securities Venues (TSVs). The key infrastructure concept is: 🔓 Public & permissionless ledger The underlying distributed ledger must allow public reading and writing without authorization. 🔐 Permissioned trading access Participants in tokenized-stock liquidity pools must be verified and authorized through mechanisms such as whitelists or credentials. This creates an interesting architecture: open blockchain infrastructure + regulated access at the trading layer. Networks such as XRPL, Ethereum, Solana and Stellar appear structurally compatible with the public-ledger requirement, but the SEC has NOT officially declared these networks “approved.” The same applies to Canton, Arc, Tempo and other networks - their compatibility depends on the specific implementation. The bigger picture: tokenization may not require private blockchains. Public networks could become the settlement layer, while compliance is enforced through smart contracts and permissioned access. Tokenization is moving from theory toward regulated infrastructure. DYOR. Not financial advice.