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

TechFlow reports that according to Chaoxiang Research, a Goldman Sachs research report dated September 18, 2026, states that the SEC issued an order on September 17 granting a five-year conditional registration exemption to specific exchanges and liquidity providers, allowing them to offer tokenized stock trading in the United States. Conditions for the exemption include: the requirement to use an automated market maker (AMM) orderbook, eligibility limited to native tokenized stocks only, and issuers retaining veto power over tokenization prior to trading commencement. Goldman Sachs believes Coinbase (COIN) stands to benefit the most, as its tokenized stock product already aligns with most exemption criteria; Robinhood (HOOD) will need to develop new products; traditional exchanges face limited direct impact.

Goldman Sachs considers this exemption a further step toward regulatory clarity for digital assets, but notes it falls short of fully unlocking widespread adoption without complementary legislative reforms such as the CLARITY Act. The bank recommends monitoring the progress of COIN and HOOD in the tokenized stock arena, as well as the pace of advancement by traditional exchanges within the DTC pilot framework.