TLDR
- The SEC’s five-year innovation exemption creates a path for qualifying tokenized U.S. stocks to trade on public blockchains.
- Goldman Sachs and Citizens analysts see Coinbase, Robinhood and Circle as possible early beneficiaries.
- Coinbase could benefit through trading, custody, tokenization infrastructure, Base and links to USDC.
- Robinhood may need to redesign its current offshore stock-token model to meet U.S. shareholder-rights requirements.
- Circle could benefit if USDC is used for settlement, collateral and other activity around tokenized securities.
Coinbase, Robinhood and Circle could be among the early beneficiaries of the SEC’s new tokenized-stock framework, according to analysts at Goldman Sachs and Citizens.
Goldman Sachs, Citizens: SEC Innovation Exemption Framework Could Benefit Coinbase, Robinhood and Circle
Goldman Sachs and Citizens analysts said the SEC’s five-year “innovation exemption” framework could benefit Coinbase, Robinhood and Circle by allowing qualifying tokenized… pic.twitter.com/fMQoWKCzf9
— Wu Blockchain (@WuBlockchain) September 20, 2026
The agency’s five-year innovation exemption gives qualifying platforms a route to offer tokenized U.S. stocks through automated market makers on public blockchains.
The framework requires tokenized shares to preserve shareholder rights, including dividends and voting rights.
It also places limits on trading volumes and the number of stocks that participating venues can offer.
Coinbase Could Benefit Across Several Businesses
Goldman Sachs analysts said Coinbase could benefit from several parts of the new market.
The company already offers tokenized-equity products with features that resemble some of the SEC’s requirements, including dividend rights linked to the underlying shares.
Coinbase CEO Brian Armstrong said voting rights are also expected to be added.
That could bring the products closer to the SEC’s requirement that token holders receive rights similar to traditional shareholders.
Coinbase also operates a large institutional custody business.
Its Coinbase Tokenize service provides infrastructure for companies seeking to issue or manage assets onchain.
Citizens analysts also pointed to Base, Coinbase’s Ethereum-based Layer 2 network, as another part of the company’s tokenization strategy.
There is one technical issue Coinbase would need to address if it wants to operate a trading venue directly under the exemption.
Its main exchanges use central limit order books, while the SEC framework is designed around automated market makers.
Goldman said Coinbase could build new infrastructure or route activity through AMM-based decentralized exchanges, including protocols operating on Base.
Robinhood May Need to Redesign Stock Tokens
Robinhood could also benefit from the framework, but its current overseas products do not fully meet the SEC’s requirements.
Its offshore stock tokens provide economic exposure to U.S. equities but do not give holders the same legal ownership rights as investors in the underlying shares.
That means Robinhood would likely need to make changes before offering a similar product in the U.S.
Goldman analysts said the company would need additional product development to meet the new standards.
Robinhood CEO Vlad Tenev has already said the company plans to add features such as voting rights and share redemptions to its stock-token products.
Issuer rights are another part of the framework.
The SEC allows companies to object before third parties create tokenized versions of their shares.
That provision follows recent criticism from AMC Entertainment over Robinhood’s AMC-linked stock token.
Circle Could Gain From Stablecoin Settlement
Circle could benefit indirectly if tokenized stock trading creates more demand for digital cash.
Goldman Sachs and Citizens both pointed to USDC as a possible settlement and collateral asset for onchain securities markets.
More activity in tokenized stocks could increase demand for stablecoins used to move funds between investors, brokers and trading venues.
Coinbase could also benefit from this because of its close commercial links to USDC and its role in distributing the stablecoin.
Traditional exchanges such as Nasdaq and NYSE owner Intercontinental Exchange may face limited effects at first.
Goldman said trading caps, issuer opt-outs and the limitations of automated market makers could prevent new tokenized venues from taking much trading volume from established exchanges in the early stages.
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