The Ohanae TSV Initiative

One Regulated Infrastructure. Two Complementary Securities Markets.

The U.S. Securities and Exchange Commission has taken an important step toward bringing public equities onchain. Through its Innovation Exemption, the SEC issued temporary, conditional relief intended to permit qualifying Tokenized Securities Venues (“TSVs”) to trade tokenized National Market System (“NMS”) stocks using permissioned automated market makers and liquidity pools.

The SEC announcement is available here: SEC Issues Innovation Exemption to Facilitate Trading of Tokenized NMS Stock.

The development validates a principle that has long informed Ohanae's strategy: regulated securities markets can be rebuilt on blockchain infrastructure, with onchain ownership, programmable liquidity and more efficient settlement operating within an investor-protection framework.

A Parallel Market Segment

In response to the SEC's action, Ohanae has launched the Ohanae TSV Initiative to evaluate the regulatory, operational and technological requirements for establishing a Tokenized Securities Venue as a parallel market segment.

This initiative is not a pivot away from Ohanae's core strategy. It is a potential extension of the same regulated infrastructure into a complementary securities market:

• Tokenized NMS stocks traded under the SEC Innovation Exemption, subject to its conditions and applicable regulatory requirements.
• Issuer-sponsored, blockchain-native securities outside Reg NMS, supported by Ohanae's integrated capital-formation, transfer-agency, broker-dealer, custody, liquidity, clearing and settlement infrastructure.

Together, these markets could allow Ohanae to serve both established public securities moving onchain and emerging issuers creating securities natively on blockchain infrastructure.

A Strong Infrastructure Foundation

Ohanae already possesses or is developing many of the components relevant to a TSV operating model:

• a FINRA-member broker-dealer;
• authorization to custody and carry digital asset securities;
• self-clearing capability;
• exclusive control of private keys;
• KYC/AML onboarding;
• OUSD atomic-settlement infrastructure;
• a permissioned blockchain architecture;
• dealer-principal liquidity;
• automated market maker technology; and
• a 24x7 operating architecture.

Much of this infrastructure sits within one corporate group. Subject to confirmation of the additional SEC and FINRA requirements applicable to tokenized NMS stocks, this integrated structure could provide a meaningful competitive advantage.

Expanding the Addressable Market

Ohanae's market for blockchain-native securities outside Reg NMS remains differentiated, but that market must be developed issuer by issuer. Tokenized NMS stocks could add immediately recognizable securities, established market capitalization, existing investor demand and substantially greater potential trading volume.

They could also provide an effective customer-acquisition channel while non-Reg NMS listings scale. Once an investor or distribution partner is connected to Ohanae's onboarding, custody, funding, trading and settlement rails, the same relationship could support access to Ohanae's blockchain-native securities market.

For crypto exchanges and other distribution partners, the proposition becomes particularly compelling: a single regulated connection could potentially support access to both tokenized public stocks and issuer-sponsored blockchain-native securities.

A Customer-Acquisition and Liquidity Engine

Tokenized NMS stocks could become a customer-acquisition, trading-volume and liquidity engine for the broader Ohanae ecosystem. Recognizable public securities may attract investors and distribution partners at scale; Ohanae's blockchain-native market can then provide those participants with access to a differentiated class of issuer-sponsored securities outside Reg NMS.

The Road Ahead

Ohanae is evaluating the SEC order and the regulatory, market-structure, custody, clearing, settlement, reporting, technology and issuer-engagement requirements associated with operating a TSV. This evaluation includes determining what additional SEC and FINRA processes, permissions, notices or approvals may be required.

Ohanae will continue developing its regulated market infrastructure for issuer-sponsored, blockchain-native securities outside Reg NMS while assessing the TSV opportunity as a distinct, parallel market segment.

NYSE. Nasdaq. Now, Ohanae.

Regulated onchain infrastructure for the next generation of securities markets.

Disclosures

• The Ohanae TSV Initiative is an exploratory strategic initiative. Ohanae and Ohanae Securities LLC are not representing that either entity currently operates, has been designated as, or has received authorization to operate as a Tokenized Securities Venue.
• Any implementation of a TSV business would be subject to the terms and conditions of the SEC's exemptive order, applicable federal and state securities laws, FINRA rules, and any required regulatory notices, consultations, permissions or approvals. Ohanae's existing regulatory registrations, memberships and permissions should not be understood as automatically authorizing the activities described in this article.
• References to potential products, services, market structures, operating capabilities, counterparties or distribution arrangements are illustrative and forward-looking. They do not constitute an announcement of a launch, an offer to buy or sell securities, investment advice, a solicitation, or a commitment to list or support any security.
• No particular NMS security or issuer has been selected for tokenization or trading on Ohanae. Issuer notification, issuer objection rights and other conditions may apply under the SEC's order. Product scope, launch timing and operating structure may change following legal, regulatory, technical and commercial review.
• Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties. Actual outcomes may differ materially, and Ohanae undertakes no obligation to update these statements except as required by law.