The US Securities and Exchange Commission (SEC) has introduced a five-year temporary regulatory exemption allowing on-chain trading of stock tokens that provide the same dividends and voting rights as actual stocks. Cointelegraph Magazine analyzed that Ondo Finance (ONDO), Coinbase, and Uniswap (UNI) could see relative benefits. Ondo possesses a structure that stores physical stocks with traditional custodians and reflects investor rights in tokens, along with a securities business license infrastructure. Coinbase also pays dividends on stock tokens based on physical stocks. Uniswap already operates v4 Permissioned Pools, which can restrict users and liquidity providers, and thus can be utilized as a trading infrastructure under the new regulations. In contrast, Robinhood's Stock Tokens and Kraken's xStocks do not provide the same rights as actual stocks, meaning their current service structures are excluded from the scope of these regulations.
