Goldman Sachs: SEC Greenlights Tokenized Stocks, COIN Primary Beneficiary Despite Limited Impact

According to Chaoxiang Research, Goldman Sachs’ September 18, 2026 research report indicates that the SEC issued an order on September 17 granting a five-year conditional registration exemption to designated exchanges and liquidity providers, permitting them to offer tokenized stock trading in the United States. The exemption requirements include the mandatory use of automated market maker (AMM) order books, eligibility restricted solely to native tokenized stocks, and issuers retaining the right to veto tokenization prior to trading commencement. Goldman Sachs assesses that Coinbase (COIN) will derive the greatest benefit, as its current tokenized stock product already satisfies most exemption criteria; Robinhood (HOOD) will need to develop new offerings; and traditional exchanges are expected to experience limited direct impact.