Two SEC Pathways Are Bringing Capital Markets Onchain

The Innovation Exemption could bring existing public stocks onto blockchain, while proposed Regulation Crypto Assets could finance the next generation of useful blockchain networks

The transition from crypto speculation to regulated onchain finance is beginning to take shape. Two recent SEC initiatives point to complementary markets: one for existing public stocks represented and traded on blockchain, and another for entrepreneurs seeking to finance and build useful blockchain networks.

On October 5, 2026, CoinDesk reported that OKX and Intercontinental Exchange, the owner of the New York Stock Exchange, had filed through OKXICE for round-the-clock tokenized trading in U.S. stocks. The report is an important early signal that the SEC’s Innovation Exemption may move tokenized stocks from concept toward commercial market infrastructure.

Source: OKX and NYSE’s Owner File for Round-the-Clock Tokenized Trading in U.S. Stocks — CoinDesk

Why the OKXICE filing matters

For years, tokenized-stock products were often offshore wrappers that provided economic exposure to a public company without necessarily giving investors the full legal and economic rights attached to the underlying shares. The SEC’s Innovation Exemption takes a different approach. It creates a temporary and conditional U.S. pathway for Tokenized Securities Venues, or TSVs, to facilitate onchain trading in eligible National Market System stocks through permissioned automated market makers and liquidity pools.

A compliant TSV is not simply a crypto exchange listing a stock-like token. The SEC’s framework requires important protections, including permissioned participation, rights designed to match the underlying stock, coordination with trading halts, issuer notice and an opportunity for the issuer to object. The smart contracts must also be auditable on a public, permissionless distributed ledger. Anti-fraud and anti-manipulation rules continue to apply.

Accordingly, the OKXICE development should be described as a filing or notice under the Innovation Exemption—not as final SEC approval or a live operating venue. Even so, it validates the direction of travel: established securities-market infrastructure and global crypto distribution are converging.

Source: SEC Issues Innovation Exemption to Facilitate Trading of Tokenized NMS Stock

The first pathway brings existing public stocks onchain

The Innovation Exemption addresses securities that already exist inside the National Market System—the U.S. public-market framework that includes exchanges such as NYSE and Nasdaq. A tokenized NMS stock remains a public stock. Blockchain changes how an eligible position may be represented, held, transferred and traded; it does not turn the security into a new startup token or remove the rights attached to the underlying share.

For investors, a properly structured TSV could eventually provide:

• Longer trading hours, including the possibility of round-the-clock trading.
• Onchain settlement and greater transparency into token movements and liquidity pools.
• Access through a permissioned environment with identity and compliance controls.
• Tokenized positions designed to preserve the economic and governance rights of the underlying stock.

These benefits come with operational responsibilities. The underlying shares, token supply, customer records, corporate actions, cash, custody and trading controls must stay aligned. Tokenization does not eliminate regulated market infrastructure; it makes the quality of that infrastructure more important.

The second pathway could finance useful blockchain networks

The SEC’s proposed Regulation Crypto Assets, or Reg Crypto, addresses a different problem. Many blockchain projects need capital to develop technology, attract users and build functional networks. Yet the asset may begin life as an investment contract because purchasers are relying on a team’s managerial and entrepreneurial efforts.

Reg Crypto could provide defined capital-formation pathways for qualifying projects, including a Startup Exemption that may be available to eligible foreign as well as U.S. issuers. A project could raise funds, provide required disclosures, build its network and support regulated secondary-market activity while its Investment Contract Asset remains a security. Under the final framework, a qualifying asset might later transition if the investment contract ends and the applicable conditions are satisfied.

That could help shift the industry away from issuing tokens first and searching for a purpose later. The more durable model is to finance identifiable work: payment networks, decentralized computing, digital identity, data infrastructure, communications, supply-chain systems and other blockchain applications that people and businesses can actually use.

Reg Crypto remains a proposal. Its final terms, timing and permitted activities may change through the SEC rulemaking process. Nevertheless, it offers an important policy direction: innovation can be financed transparently without pretending that securities laws do not apply during the development stage.

Two different markets with a common foundation

The Innovation Exemption and Reg Crypto should not be treated as competing ideas. They address opposite ends of the same onchain capital-market opportunity.

Ohanae’s role in this transition

Ohanae is building a regulated home for securities on blockchain. Our strategy brings these two complementary markets together through one infrastructure.

Issuer sponsored blockchain native securities

Our core market supports issuer-sponsored, blockchain-native securities outside the National Market System. That includes securities offered through existing pathways such as Regulation D, Regulation A, S-1 and F-1, as well as Investment Contract Assets that may be offered under Reg Crypto if the SEC adopts a final rule.

For Reg Crypto capital formation, Ohanae intends to support eligible U.S. and foreign issuers with investor onboarding, capital formation, ownership records, broker-dealer custody and carrying, secondary trading, liquidity, clearing and atomic settlement—subject in every case to the final rules, applicable approvals and operational readiness.

Tokenized public stocks

In parallel, Ohanae Securities is developing an Ohanae Tokenized Securities Venue for eligible tokenized NMS stocks under the Innovation Exemption. The proposed model would combine a permissioned multi-dealer liquidity ecosystem with integrated customer onboarding, custody, carrying, clearing and settlement. The TSV remains subject to SEC engagement and satisfaction of all applicable legal, regulatory and operational conditions.

One account and a regulated operating foundation

Ohanae’s carrying, self-clearing broker-dealer model is central to this vision. Customer cash remains within the applicable broker-dealer customer-protection framework, while Ohanae Securities maintains exclusive control of the private keys securing customers’ crypto asset securities. Ohanae, Inc. is also an SEC-registered transfer agent.

The goal is a simple customer experience: complete KYC and AML onboarding once, maintain one account, and access eligible securities without having to manage blockchain infrastructure, private-key security or settlement workflows independently.

What changes for crypto exchanges

Crypto exchanges will not disappear as securities markets move onchain. Their role will evolve. The strongest platforms may become infrastructure, liquidity, wallet, distribution and commercial partners across the lifecycle of an onchain security. Some may operate or co-own regulated venues, as the reported OKXICE structure suggests. Others may collaborate on Reg Crypto capital formation, provide compliant connectivity, support liquidity or distribute products where legally permitted.

The important lesson is that regulated securities markets cannot be built on the assumption that an exchange will simply hand its customer relationships to another platform. Partnerships must create durable value for each participant while keeping account ownership, investor protection and regulatory responsibility clear.

From speculation to onchain capital markets

We recognize ICE and OKX for taking an important early step toward regulated onchain trading of U.S. public securities. Their initiative reinforces the opportunity created by the SEC’s Innovation Exemption and demonstrates that major market participants are preparing for tokenized stocks.

But public stocks are only one part of the transition. Reg Crypto could allow entrepreneurs to finance useful blockchain networks within a defined regulatory framework. Together, the two SEC initiatives point toward an onchain capital market that can support both established companies and the next generation of blockchain businesses.

NYSE. Nasdaq. Now, Ohanae.

One regulated infrastructure. Two complementary securities markets.

Confidence. That’s Ohanae.

Important disclosures

This article is provided for general informational and educational purposes only. It is not legal, regulatory, tax or investment advice; an offer to sell; or a solicitation of an offer to buy any security. References to third parties do not imply endorsement, affiliation or partnership. Information concerning OKXICE is based on the cited public report and should not be interpreted as confirmation that the SEC has approved the proposed venue or that operations have commenced. Regulation Crypto Assets remains proposed SEC rulemaking, and its final provisions may differ materially. Ohanae’s contemplated Reg Crypto and TSV activities remain subject to final rules, regulatory engagement, required approvals, technical readiness and other applicable conditions. Forward-looking statements involve risks and uncertainties, and actual plans and outcomes may change.