Formation Securities said it notified the SEC that it intends to operate a tokenized U.S. securities venue on Solana under the agency’s conditional “Innovation Exemption.” Trading is expected to begin in early 2027, with shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch; the venue is not yet operating.
The exemption allows eligible tokenized stocks to trade through permissioned pools on qualifying venues. Eligible tokens must retain voting and dividend rights, and trades settle onchain, while transfer agents keep the official shareholder records. Formation says the venue would offer round-the-clock trading and near-instant settlement, but access would be limited to verified investors.
