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Winners and losers of the SEC’s new tokenized stocks rules

The SEC has opened a five-year path for tokenized stocks, but only some products and venues fit the model. Will Uniswap, Robinhood, Coinbase or Kraken come out on top?

Why it matters

Policy text and timing change what products can ship and who can custody or list assets. Read the primary draft before treating a headline as a rule.

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