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SEC tokenized stock exemption leaves price feed choices to venues
The SEC’s September exemption for tokenized stocks requires eligible tokens to provide the same shareholder rights as traditional shares. However, venues that qualify can operate without the Regulation NMS trade‑through protections. FINRA‑member brokers that handle covered customer transactions must still provide best execution. Investors are advised to differentiate the rights attached to a share from the pricing and order‑handling protections offered by the venue and broker they use.