According to CoinMeta, Taylor Lindman, the chief legal advisor of the SEC Cryptography Task Force, stated that under the five-year innovation exemption framework introduced by the US SEC, the first compliant tokenized stock trading venues are expected to be launched as soon as next quarter. This exemption allows qualified platforms to conduct tokenized trading of US stocks on public chains through a licensed AMM with liquidity pools. Institutions are required to issue operational notices to the public and report to SEC within one working day after publication. Hester Peirce and Taylor Lindman, specialists from SEC, emphasized that this model leans towards on-chain finance, and each trading platform has a clear operating entity responsible for compliance.