SEC's Selway Flags Tokenized Securities in 24/7 Trading Shift

The U.S. Securities and Exchange Commission's top trading official placed tokenized securities and perpetual futures at the centre of a shifting market structure, saying trading is moving toward continuous operation as new products arrive.

Jamie Selway, director of the SEC's Division of Trading and Markets, made the remarks at a Baruch College market structure conference in New York on Nov. 13, according to CryptoNews. He grouped tokenized securities and perpetual futures alongside Treasury clearing reforms and proposals affecting the National Market System.

Trading is going 24x7

"Trading is going 24x7," Selway said, identifying new ways for investors to gain market exposure among the subjects available for research. He said access to distinctive data once constrained original research, while handling ever-growing datasets now requires substantial resources, with researchers turning to tools driven by what he called "super intelligence."

Josh White, the SEC's chief economist and director of the Division of Economic and Risk Analysis, is leading that work, according to the speech. White has restarted DERA's Distinguished Visiting Scholars Program as part of renewed engagement with academics.

Four operators on the exemption register

The SEC's venue register lists four operators that have submitted notices of their intention to use its Innovation Exemption: TSV LLC, OKXICE TSV, Kephas Corporation doing business as Perpetuals.com, and Formation Securities. Submission dates run from Sept. 23 to Nov. 9.

The register states that inclusion does not establish that an operator qualifies as a tokenized securities venue or satisfies the exemption's conditions. Operators must publish a public notice at least 30 calendar days before starting operations and notify the SEC separately within one business day of publication, providing contact details and the notice's location.

Formation has proposed 24/7 stock trading on Solana with an expected launch in early 2027, and said in its Nov. 9 announcement that access would be limited to verified participants using permissioned automated market maker pools.

Treasury clearing dates set

The SEC's implementation guidance sets Dec. 31, 2026, as the compliance date for eligible cash Treasury transactions, with eligible repurchase agreement transactions following on June 30, 2027. Both dates reflect a one-year extension of the original schedule.

Key facts

• Selway spoke at a Baruch College market structure conference on Nov. 13.
• Four operators have filed notices under the SEC's Innovation Exemption, dated Sept. 23 to Nov. 9.
• Operators must publish notice at least 30 calendar days before starting operations.
• Treasury cash clearing compliance is due Dec. 31, 2026; repo follows June 30, 2027.
• SEC chief economist Josh White has restarted DERA's Distinguished Visiting Scholars Program.