The US Securities and Exchange Commission is reportedly preparing an innovation exemption that could open the door to blockchain-based tokenized trading of public companies, including in cases where the underlying issuers have not consented to the creation of third-party tokens tied to their shares. The move could be announced as soon as this week, according to Bloomberg, and would mark a significant step toward expanding equity trading beyond traditional exchanges and into crypto-native platforms.
The proposed framework follows months of internal discussion and outreach to hundreds of market participants. Under the approach described by sources, tokenized instruments would need to provide the same core rights as common stock, including voting and dividend rights, or face delisting. The details remain unsettled and could change before any formal exemption is issued. SEC Commissioner Hester Peirce has reportedly been a key advocate for the initiative, although several agency officials are said to have reservations.
Interest in tokenization has grown sharply across Wall Street, driven by the promise of faster settlement, lower operating costs and more efficient post-trade infrastructure. In January, Intercontinental Exchange said it planned to launch a tokenization platform for 24/7 trading and settlement of stocks and exchange-traded funds using blockchain technology. More recently, crypto exchange Bullish expanded its tokenization capabilities through its acquisition of transfer agent platform Equiniti in a $4.2 billion deal.
Supporters argue that tokenized stocks could broaden access to US equities for investors who lack direct access to American markets or conventional brokerage accounts, while also creating new ways to gain exposure to companies such as Nvidia , google and Tesla .
Not everyone in the industry is convinced. Brett Redfearn, president of Securitize, said allowing third parties to tokenize stocks without the issuer involved could create fragmentation and make it harder for investors to determine fair value. Some private companies, including OpenAI and Anthropic, have also objected to unauthorized tokens tied to their valuations.
The SEC’s reported shift comes as the Senate Banking Committee advanced the CLARITY Act, a bill that could provide a broader regulatory framework for digital assets and tokenization. Industry figures have argued that clearer rules will be necessary before large financial firms fully commit to the space.Bitmine Immersion Technologies chairman Tom Lee said the company expects to accumulate 5% of Ether’s total supply before the end of 2026, reinforcing its aggressive strategy of building a large crypto treasury.
Lee said Bitmine bought another 71,672 Ether after the token fell below $2,200 in recent trading. Ether traded between $2,081 and $2,341 over the past week and was around $2,128 on Tuesday, leaving it down 8.7% over that period. The recent decline, in Lee’s view, created an opportunity to expand the company’s holdings at a more attractive price.
Bitmine remains the largest Ether treasury company and has continued to add to its position through market weakness. Its total treasury holdings now exceed 5.2 million Ether, with the firm targeting ownership of 5% of the token’s circulating supply, which stands at about 120.7 million. The latest purchase followed 26,659 Ether bought between May 4 and May 11, ending a three-week stretch in which the company added more than 100,000 Ether per week.
The buying activity comes as some long-term holders appear to be returning to the market. Blockchain analytics data showed that an early Ether investor, who had previously sold holdings after a long period of inactivity, re-entered the market over the weekend and acquired 1,951 Ether at about $2,182. The move suggested that some large holders may be viewing the recent weakness as a chance to rebuild positions.
Lee also pointed to macroeconomic pressures as a factor weighing on Ether. He said the rise in oil prices after heightened conflict in the Middle East earlier this year has been a persistent headwind for the token. He added that a decline in oil prices could support a recovery in Ether.
Despite the recent slide, Ether remains well above levels seen earlier in its history, although it has fallen sharply from its August 2025 peak of $4,946. Forecasts remain divided. Citigroup has projected a 12-month target of $3,175, with a bullish case at $4,488, while other market-based estimates suggest a wider range of possible outcomes. Standard Chartered previously offered a more optimistic view, saying Ether could reach $7,500 by year-end if adoption of blockchain-based products continues to expand.
