SEC plans to launch tokenized US stock innovation exemption program, benefiting Coinbase, Robinhood, and Circle

Goldman Sachs and Citizens analysts believe that the SEC's proposed 5-year innovation exemption will open up space for tokenized US stock on chain trading. Coinbase can benefit from custody, tokenization infrastructure, and USDC business; Robinhood needs to supplement voting rights and other shareholder equity to meet the requirements; Circle benefits from the increasing use of USDC in settlement and collateral scenarios.