Tokenized Trading Is Coming to Public Equities: Are You Prepared for the 30-Day Opt-Out Deadline?

Tokenized securities are moving from what was once theory to regulated market infrastructure. For the first time, pursuant to an SEC exemptive order, third parties may be able to tokenize and facilitate trading of your company’s stock unless you affirmatively opt out. Public companies that establish a clear position now, before receiving notice from a tokenized securities venue, will be better positioned to manage investor expectations, communications, and market risk.

On September 17, 2026, the SEC announced an exemptive order that would allow certain trading platforms (called tokenized securities venues, or TSVs) that use blockchain technology to trade tokenized NMS public company stocks. This would include exchange-listed REITs, common stock, ADRs, and long-term warrants but would exclude exchange-listed debt securities, securities futures, and open-ended mutual funds. As of today, at least two proposed TSVs have already provided public notice of their intent to launch. While there are limits to the type and amounts of stock that may be traded on TSVs, publicly traded companies should be aware that there is a 30-day window for which you can opt out of a TSV — if notice is not received, you are deemed to have consented to inclusion on that TSV. Any opt out of a TSV will be public.

In this timely alert, Goodwin’s Digital Currency and Blockchain practice outlines the key considerations for public companies in light of the SEC’s exemptive order and the commencement of tokenized equity asset trading on TSVs.

Goodwin’s Digital Assets and Capital Markets teams are available to help companies evaluate these developments and develop an appropriate response strategy. Contact Mitzi Chang, Meghan Spillane, or Karen Ubell — co-chairs of the Digital Currency and Blockchain practice — or your Goodwin relationship partner for more information.

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