According to CoinMeta, analysts from Goldman Sachs and Citizens stated that the U.S. Securities and Exchange Commission (SEC) has introduced a five-year “Innovation Exemption” framework that allows eligible tokenized U.S. stocks to be traded through automated market makers (AMMs) on public blockchains. This could present opportunities for Coinbase, Robinhood, and Circle. Analysts pointed out that Coinbase could benefit from hosting, tokenization infrastructure, stablecoins, and Base services. However, since its existing exchanges use an order book model, they may need to add new AMM infrastructure if they decide to operate such trading venues directly. Robinhood Currently, stock tokens issued overseas do not include full shareholder rights, so products would need to be adjusted to comply with the U.S. framework. Circle could benefit from the settlement and collateral requirements in the on-chain market. Analysts believe that volume restrictions, issuers’ right to object, and AMM limitations in deep markets may limit the impact of this policy on traditional exchanges.