In plain English: The main US and international rule changes for tokenized securities, in date order.
Key US milestones: DTC no-action letter (11 Dec 2025) and SEC approval of Nasdaq’s tokenized trading rule (18 Mar 2026) (SEC); WisdomTree’s exemptive relief for 24/7 fund-share trading (Feb 2026, WisdomTree). Non-US issuers sit in Jersey, BVI and ADGM (Zerion).
Recent changes (Sep to Oct 2026): the SEC’s Innovation Exemption for tokenized NMS stock (17 Sep 2026, SEC), which Better Markets’ 22 Oct comment letter urges the SEC to withdraw in favor of notice-and-comment rulemaking (Better Markets), while SIFMA’s 19 Oct letter asks for amendments such as issuer opt-in consent and a 90-day objection period (SIFMA), Solana Policy Institute’s 22 Oct letter backs the order and asks the SEC to define “public, permissionless” ledgers by who controls them (Solana Policy Institute), and Malinova and Park (23 Oct) argue the volume caps block arbitrage and raise trading costs (Malinova and Park); CFTC staff FAQs on tokenized permitted investments (24 Sep 2026, CFTC); the OCC’s final GENIUS Act rule, effective 18 Jan 2027 (21 Oct 2026, OCC); the FCA and Bank of England feedback statement FS26/1 (14 Sep 2026, FCA); and EU Council agreement on key elements of the market integration package, which would widen the DLT Pilot Regime (9 Oct 2026, Council).
Country-by-country status: Rules by jurisdiction.