On September 18, 2026, Ethereum rose by 5.8% to 6.5%, surpassing the $2,580 price level. The asset moved from a range of $2,445–2,451 to $2,580–2,603 following the SEC's announcement of a new regulatory framework.
The SEC introduced a five-year pilot program called the Innovation Exemption on September 17, 2026. This initiative allows for the tokenized trading of National Market System stocks via Tokenized Securities Venues (TSVs) on public blockchains.
Under the new rules, tokens must represent actual underlying shares, ensuring holders retain voting and dividend rights. Synthetic assets are prohibited. Issuers must notify the SEC, which retains a 30-day objection window, and comply with volume caps and sanctions.
In Q2 2026, tokenized US Treasury funds on Ethereum reached a market cap of nearly $7.5 billion, while the total value across all chains exceeded $15 billion. The broader tokenized stocks market reached a market cap of $3.2 billion, growing over 1,200% year-over-year.
Following the announcement, shares of Coinbase and Robinhood increased by approximately 5%. SEC Chair Paul Atkins stated the exemption aligns with existing authority, coming two days after the Senate rejected the CLARITY Act.
