The SEC has opened a five-year route for qualifying tokenized U.S. stocks to trade through permissioned automated market makers, prompting Goldman Sachs and Citizens analysts to identify Coinbase, Robinhood and Circle as companies that could benefit if regulated onchain equity trading expands.

The Securities and Exchange Commission said on Sept. 17 that its Innovation Exemption grants temporary conditional relief to Tokenized Securities Venues, or TSVs, that use AMM liquidity pools for secondary trading of tokenized National Market System stocks. The framework excludes synthetic stock products and requires eligible tokens to convey the same rights as the equivalent traditional shares.

Under the order, qualifying tokenized stocks must give holders the same company interest, dividends, voting rights and liquidation rights as conventional shares of the same class. Primary offerings cannot use the exemption, while securities offered and sold under the framework must still satisfy Securities Act registration requirements or qualify for another exemption.

Third-party tokenizers face an issuer notice requirement. A TSV must inform the underlying public company before listing an unaffiliated third party’s tokenized version of its shares, then wait at least 30 calendar days. If the issuer objects within that period, the venue cannot begin trading the token.

The SEC placed limits on both the number of stocks and their trading volume. Tier 1 securities, covering stocks in the S&P 500, Russell 1000 and certain highly traded exchange-traded products, are limited to 75 symbols on a TSV and 0.25% of each stock’s prior-month average daily share volume. Tier 2 is capped at 250 symbols and 2.5% of prior-month average daily volume.

A repeat breach of a stock’s volume ceiling requires the venue and affiliated TSVs to stop trading that tokenized stock for three months. The SEC said the caps are designed to limit possible price dislocations between AMM-traded tokens and shares trading through conventional markets.

The framework requires smart contracts used by qualifying venues to be auditable and public while running on public, permissionless distributed ledgers. Access to the actual TSV must remain permissioned. Venues must stop token trading whenever the underlying stock is halted on its primary listing exchange.

Ascrypto.news reported on the five-year SEC exemption, synthetic products offering only price exposure do not qualify. A subsequent review of the shareholder-rights requirement noted that the SEC’s framework separates tokens carrying actual shareholder rights from products structured as derivatives or debt claims.

Coinbase already has several pieces of the required model

Goldman Sachs analysts identified Coinbase as a potential beneficiary because the company already operates tokenization, custody, stablecoin and blockchain infrastructure that could support onchain equity markets. Coinbase’s international tokenized stocks are backed one-for-one by real shares held in regulated, bankruptcy-remote custody.

Coinbase says holders have a senior beneficial claim on the underlying equity, while dividends and stock splits are incorporated through an onchain multiplier. Primary creation and redemption are restricted to KYC-approved institutional partners and authorized participants. Its current products are offered under Regulation S and are unavailable to U.S. persons.

Voting remains one item still being developed. Coinbase President Emilie Choi said during the Goldman Sachs Communacopia conference that the products already carry dividend rights and that voting options are being added. She described implementing those rights as a technology task instead of a change in the fundamental security structure.

Coinbase’s Base stock tokens, the company began with Apple, Nvidia, Meta and Alphabet products before expanding its lineup. The tokens use Coinbase’s B20 standard and can move into supported DeFi applications on Base.

Activity has moved beyond simple spot trading. Token Terminal data cited by crypto.news in its Base tokenized-stock market report showed $730.9 million in DEX volume during the 30 days through Sept. 12, with Aerodrome accounting for $557.1 million.

Morpho then opened lending markets for five Coinbase-issued stock tokens. By Sept. 18, users had posted $104,401 of stock tokens as collateral and borrowed $54,652 in USDC, according to crypto.news coverage of the Morpho integration.

Goldman’s analysis identifies a separate issue if Coinbase wants to operate a U.S. TSV itself. Coinbase’s conventional exchanges use central limit order books, while the new SEC relief specifically covers AMM liquidity pools. Goldman said Coinbase could develop AMM infrastructure or route activity through qualifying decentralized venues, including protocols operating on Base.

Robinhood’s current tokens do not meet the SEC test

Robinhood enters the U.S. discussion with an established overseas stock-token business, but its existing legal structure differs from the securities covered by the exemption.

Robinhood’s second-quarter SEC filing states that its Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to referenced securities but do not grant holders legal or beneficial rights in the companies whose shares underpin the products.

That distinction conflicts with the Innovation Exemption’s requirement that token holders receive the same interest, dividends, voting rights and liquidation rights as traditional shareholders. Goldman analysts therefore said Robinhood would need further product development before offering a U.S. product under this particular framework.

Robinhood has already indicated that its design is evolving. CEO Vlad Tenev said in September that the company intends to introduce share redemption and voting features, while its newer onchain stock products can move outside the Robinhood app and interact with DeFi smart contracts.

The company’s earlier offshore model became part of a public dispute with AMC Entertainment after Robinhood introduced an AMC-linked token without the company’s approval. Robinhood-AMC dispute, holders received economic exposure but not direct shareholder rights.

Tenev later argued that issuer approval should depend on what legal rights a token creates, not simply whether blockchain technology is involved. The SEC’s final exemption takes a different procedural approach for unaffiliated third-party tokenization by granting the underlying issuer a 30-day window to prevent its shares from trading on a TSV.

Robinhood Chain gives the company existing onchain infrastructure to build around. Robinhood launched the chain’s mainnet in July and opened stock tokens to smart-contract use, including DeFi pools and third-party applications.

Circle exposure comes through settlement and collateral

Circle’s connection to the SEC order is indirect because the company does not need to issue tokenized stocks to participate in the market analysts describe.

The SEC order permits a tokenized NMS stock to trade in a pair with another tokenized stock, a tokenized money market fund or a non-security crypto asset, including a qualifying payment stablecoin. That creates a regulatory route for stablecoins to serve as the other side of qualifying AMM pools.

Goldman Sachs and Citizens analysts identified USDC as a possible settlement and collateral asset if tokenized-equity activity grows. Circle already markets USDC as settlement infrastructure for tokenized assets. On Cronos, for example, Circle says USDC serves as the dollar settlement layer for an application designed to support tokenized stocks, crypto and prediction markets.

Circle’s institutional work extends into tokenization infrastructure through Arc. Its second-quarter update said BlackRock, BNY, DTCC and Standard Chartered were developing or examining integrations involving tokenized-asset settlement, custody, stablecoin access, foreign exchange and repo markets. DTCC plans to enable tokenization of DTC-custodied assets on Arc.

Existing Base activity supplies an early example of stock tokens interacting with USDC. Morpho’s Coinbase tokenized-stock markets use USDC for borrowing, although their current scale remains small beside conventional U.S. securities markets.

Trading caps limit the initial challenge to traditional exchanges

Goldman does not expect the exemption’s first phase to pull substantial trading volume away from Nasdaq or Intercontinental Exchange, the owner of the NYSE. The bank cited the SEC’s volume caps, symbol limits, issuer objections and AMM market structure as constraints on the experiment.

The SEC itself acknowledges AMM pricing can diverge from conventional equity markets because pool prices generally depend on the ratio of assets deposited into a liquidity pool. Its volume limits were designed partly to contain potential price dislocations while regulators collect operating data.

Traditional market infrastructure is pursuing a separate tokenization path. DTCC said in May that DTC’s tokenization service would begin with limited production transactions in July before a planned October 2026 launch, following work with more than 50 financial companies. Participants include Circle, Coinbase, Goldman Sachs, BlackRock, Bank of America and several major trading and custody firms.

The TSV route has its own waiting period before a qualifying venue can operate. The SEC requires a prospective TSV to publish a detailed public notice at least 30 calendar days before starting operations and notify the Commission within one business day of publishing it.

Public feedback remains open. The SEC’s comment page currently lists no closing date for comments on File No. 4-927, while Chairman Paul Atkins has described the exemption as a temporary bridge that is expected to inform later rulemaking.

FAQs

U.S. President Donald Trump says he plans to create an “AI Force” and appoint an “AI czar,” framing the initiative as a way to coordinate the rapidly expanding AI sector without adding regulations that could slow innovation. The announcement, posted by Trump on Truth Social over the weekend, positions the effort as an executive-led counterpart to earlier “Space Force” branding—though it leaves major questions unanswered.

Trump’s message did not spell out whether the AI Force would function as a military command, a civilian agency, or a new department. The New York Times reported that White House officials did not respond to an email seeking clarification.

Key takeaways

• Trump says he will form an “AI Force” and appoint an “AI czar,” but he offered no organizational details in the initial post.
• The president framed the plan as avoiding new regulations that could hinder innovation—without specifying how that would work in practice.
• Trump’s announcement arrives as prominent AI leaders debate whether development should slow down to improve safety and oversight.
• Private-sector and industry approaches to moderating AI progress are already emerging, including Anthropic’s decision to use an “embedded evaluator.”

A political coordination pitch—without a clear structure

In his Truth Social post, Trump said the AI Force would be created “much like” Space Force and that it would be managed in a way he described as successful during his first term. He also indicated that he would announce an AI “czar” “in the near future,” adding that “Only High I.Q. individuals need apply!”

While the rhetoric borrows from the branding of Space Force, Trump did not outline the governance model behind the new initiative. According to the New York Times, the administration did not provide clarification on whether the AI Force would be organized under defense authorities, operate as a civilian regulator, or assume a different form entirely.

That ambiguity matters for investors and builders because the practical effect of any “czar” or task force depends heavily on authority—whether it can set compliance standards, coordinate enforcement, or influence procurement and research priorities. Without that detail, markets are left to interpret the initiative primarily as signaling rather than as a concrete regulatory shift.

The timing: AI safety warnings and calls to slow down

Multiple reports tie Trump’s announcement to a broader debate about whether the pace of AI development should be moderated. The BBC noted that his post came amid warnings about AI’s potential dangers and included no further information about timing or scope.

Earlier this month, Cointelegraph reported on Sept. 12 that Anthropic CEO Dario Amodei shared a three-step proposal aimed at pacing AI progress more deliberately. The underlying concern, as Cointelegraph characterized it, was that if development moves too quickly, systems could “outrun our ability to understand and control these systems.”

That proposal has also drawn reactions from other high-profile technology leaders. Cointelegraph previously reported that OpenAI CEO Sam Altman and SpaceX CEO Elon Musk responded positively to Amodei’s slowdown idea, while Nvidia CEO Jensen Huang did not, arguing that regulation was not necessary. CNBC’s coverage of Huang’s position—referenced by the original reporting—highlighted his view that regulation may not be the right tool for addressing the risks.

Trump’s announcement intersects with this debate, but it does so from a different angle: his stated goal emphasizes managing AI without “adding regulations” that could slow innovation. For stakeholders, the open question is whether that approach means voluntary coordination, procurement and safety guidance, or simply a political framework rather than enforceable rules.

What industry is doing meanwhile: Anthropic and an “embedded evaluator”

Even as policymakers and executives debate the need for slower development, at least one major lab has been moving forward with an internal mechanism intended to influence AI deployment pacing. On Sunday, Anthropic said it had chosen Accenture as its first embedded evaluator, according to Cointelegraph’s report.

Cointelegraph linked this decision to the first step in Amodei’s three-part proposal, describing the move as an effort to help moderate the pace of AI development. The key point for builders and users is that this is not merely an abstract policy discussion—it reflects a concrete, operational attempt to create additional review or evaluation capacity within development pipelines.

This distinction is likely to shape how stakeholders interpret Trump’s plan. If the White House initiative ultimately results in similar embedded oversight—through contractors, audits, or evaluation mechanisms—it could align more closely with lab-level approaches like Anthropic’s. If, however, the AI Force is mainly ceremonial or focused on high-level coordination without technical enforcement, it may provide less tangible safety impact than internal evaluation models.

Why the “AI czar” concept could matter for crypto and digital infrastructure

Although Trump’s announcement is framed around AI governance, the implications can extend into the broader technology ecosystem that underpins modern digital markets—including crypto infrastructure. AI systems increasingly influence everything from software development and automated trading to security tooling and risk modeling. When governments signal intent to shape AI oversight—whether through an “AI czar,” procurement priorities, or coordination structures—they can indirectly affect which tools and workflows enterprises adopt.

At the same time, the public debate highlighted in the reporting underscores a tension: some leaders argue for pacing to improve safety and control, while others contend that regulation is unnecessary and that oversight can be handled without new legal constraints. Trump’s statement suggests he wants coordination without additional regulation, but the absence of details means the policy direction remains unclear.

For readers tracking both AI and blockchain-related infrastructure, the practical question is not only whether new roles or offices are created, but how those roles will translate into standards, audits, or constraints that affect developers building adjacent systems.

With Trump promising more information “in the near future,” the next developments to watch are the AI Force’s formal structure, its legal or administrative authority, and whether the administration’s approach meaningfully engages the kinds of evaluation practices already emerging in the private sector—especially as the industry continues to debate how quickly AI should move and who should be responsible for keeping it under control.

Dogecoin (DOGE) started out as a joke; its creators originally intended for users to tip each other for entertaining social media content.

Despite its playful origins, Dogecoin has since become one of the most popular cryptocurrencies.

Like other cryptocurrencies, Dogecoin (DOGE) can be mined using cloud platforms. Cloud mining is an attractive option if you wish to avoid technical hassles, bypass initial hardware investments, or escape high electricity costs. Essentially, cloud mining involves outsourcing the entire mining process to a third party; as a leading global cloud mining service provider, SHR Miner enables Dogecoin enthusiasts to participate in mining rewards with a zero-barrier entry by leasing computing power from industrial-grade mining rigs.

How to earn profits mining Dogecoin with SHR miner

There are several benefits to mining Dogecoin rather than other cryptocurrencies. First, transaction speeds on the Dogecoin blockchain are fast, which means Dogecoin mining pools typically pay out earnings every 24 hours.

In addition to offering quick withdrawals, Dogecoin can generate a steady income for you. Consequently, Dogecoin mining is efficient, profitable, and holds great promise. Furthermore, there are numerous markets where you can sell your Dogecoin, making it well worth considering as a source of daily income.

Earn Dogecoin rewards with SHR Miner—get started in just three steps:

1. Register an account

Upon creating an account, you will receive a $15 new-user bonus and earn a daily reward of $0.60 through a free hashing power contract. (Click here to register)

2. Select a contract plan

Choose a short-term or long-term cloud mining contract based on your budget and requirements, with contract durations ranging from 1 to 50 days.

3. Start earning rewards

Once the contract is activated, users can view daily rewards via the dashboard and select a supported cryptocurrency for withdrawal.

Examples of popular cloud mining contracts

SHR Miner offers a variety of cloud mining contracts to meet the diverse needs of users regarding budgets, durations, and target returns. Whether users prefer short-term flexibility or are focused on long-term returns, they can select the plan that best suits their individual circumstances.

For details on specific contract prices, terms, and estimated rewards, click here to view all contract plans.

Why choose SHR miner?

Compliant UK operations: We hold the necessary operational licenses, prioritize business transparency and regulatory compliance, and charge no hidden fees.

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Real-time information access: Users can view contract status, mining progress, and daily rewards via the web-based dashboard.

Genuine hash rate: Users receive hash power corresponding to their chosen contract, without the risks associated with third-party equipment maintenance.

One-stop management: Mining, reward tracking, withdrawals, and contract renewals can all be managed on a single platform.

As the market sees a return to favorable price levels, cloud mining offers cryptocurrency holders a new way to participate in the digital asset ecosystem, while eliminating the complexities of deploying and maintaining mining hardware themselves.

In short

Cloud mining is an excellent choice for those seeking ways to generate passive income. If used properly, these opportunities can easily accumulate cryptocurrency wealth in “autopilot” mode, requiring only a minimal investment of time. At the very least, they are far less time-consuming than any form of active trading. Passive income is the ultimate goal for every investor and trader, and with SHRMiner, maximizing your passive income potential is easier than ever.

I’ll give you a real-world example. I have two sons who both graduated college in the last two years, and they’re entering the workforce. One of my sons studied finance and marketing, and he wanted to get into business development. He went to a startup, and he got a job but [became] frustrated. But he got AI-pilled in January of this year, and he does not have a background in technology in any explicit way, but he just poured himself into learning these agentic systems, and he came to me and he said, “I’m going to quit my job and I want to master these skills. I want to build things. I want to create things.” I’m like, “OK, go do that.” And it is essentially my advice for anyone who is at any stage in their career, but I’ll say for young people who are coming in, the opportunity right now is incredible. If you’re a generally good thinker, you can become a master of literally hundreds of different domains, and you can learn how to create and orchestrate and build things that it was impossible to do before, and so it’s one of the greatest periods ever in human history for individuals and individual agency, and that’s why we’re seeing a huge surge in solo founders. That’s why we’re actually seeing record numbers of new business creation that are happening in the U.S. Agents give agency. So, my recommendation is that people should dive in whatever their domain interest is and master these tools, because it effectively is going to give you superpowers. And that’s the exact message I’ve given every single employee at Circle. I’ve said everyone’s jobs are going to be transformed. We are going to reconstitute this company. We’re going to reorganize this company around the capabilities of agentic [AI], and it’s the greatest career opportunity you’re ever going to have. Take as much time as you want to master this, because you’re going to be more valuable in Circle, or if you choose to go do something else as well. 

Toyosa has introduced Bitcoin as a payment option for Toyota vehicle purchases in Bolivia, expanding its digital-asset checkout service one year after launching USDT payments.

Eju TV reported that the company unveiled the Bitcoin service on Sept. 18 at Expocruz 2026 in Santa Cruz, where Toyosa said customers could now choose BTC alongside bolivianos, U.S. dollars and Tether’s USDT when purchasing a Toyota.

BitGo confirmed the arrangement on Sept. 20, saying BitGo Bank & Trust supplied the institutional-grade digital asset wallet infrastructure behind Toyosa’s Bitcoin payment service. Its event calendar places the company at Expocruz from Sept. 18 through Sept. 21, providing separate confirmation of its presence in Santa Cruz during the launch.

Toyosa Bitcoin payments build on its 2025 USDT rollout

Toyosa’s Bitcoin service follows a crypto-payment system introduced at Expocruz one year earlier. In September 2025, Toyosa worked with BitGo, Towerbank and Tether to let customers purchase vehicles, parts and services using USDT.

The original system connected BitGo’s wallet and custody infrastructure with Toyosa’s point-of-sale environment. According to BitGo, customers could use USDT for high-value purchases while the digital-asset infrastructure handled wallet security and settlement support.

Toyosa’s existing online payment page still describes the USDT workflow. Customers first obtain a quotation, select a supported blockchain network and scan a QR code from a crypto wallet. The page lists Ethereum and Tron among supported USDT networks and identifies Towerbank as the financial partner and BitGo as the blockchain technology provider.

The public page reviewed on Sept. 20 had not yet been updated with a separate Bitcoin checkout guide, even though Toyosa and BitGo had announced that BTC purchases were available. Neither company had publicly disclosed supported Bitcoin wallet types, confirmation requirements, exchange-rate methodology or whether customers face transaction limits.

Toyosa did not publish a Bitcoin sales total or identify a first BTC vehicle buyer in the materials reviewed. By comparison, BitGo publicly said in September 2025 that the first Toyota purchase in Bolivia using USDT had been completed when the stablecoin service launched.

Towerbank and BitGo handle different parts of the payment service

Toyosa said Towerbank supplies the transaction-processing platform together with digital-asset support and guidance. BitGo provides wallet infrastructure, security and transaction traceability for the Bitcoin service.

BitGo described its role more specifically on Sept. 20, saying BitGo Bank & Trust provides the digital-asset wallet infrastructure used by the new payment option. The company did not state in that announcement whether Toyosa retains BTC after each purchase, automatically converts payments into fiat currency, or uses another settlement arrangement.

The distinction matters for describing the service accurately. Available statements confirm that customers can pay with Bitcoin, but they do not establish that Toyosa is adding BTC to its corporate treasury or holding vehicle-sale proceeds in Bitcoin.

During the Expocruz presentation, Toyosa Group artificial intelligence director Edwin R. Saavedra linked the payment launch to Bolivia’s monetary history, saying, “From the silver of Potosí to Bitcoin: Bolivia is once again at the forefront of the history of money.” The statement represents the executive’s characterization of the service.

Local coverage of the event identified Johan Hernández, Towerbank’s digital-assets business lead, and Álvaro Olivares, BitGo’s Latin America business development manager, among the representatives presenting the payment arrangement with Toyosa.

Bolivia permits crypto transactions but BTC is not legal tender

Bolivia’s regulatory environment changed before Toyosa began accepting digital assets. In June 2024, the Banco Central de Bolivia revoked Resolution 144/2020 and authorized electronic payment channels and instruments for virtual-asset purchase and sale transactions.

The regulatory change ended the earlier prohibition on processing crypto-related transactions through the country’s financial system. It did not make Bitcoin an official Bolivian currency.

The BCB states that the boliviano remains the country’s only legal tender and that people and businesses are not legally required to accept virtual assets as payment. Users assume the risks tied to using and trading those assets.

Crypto activity rose sharply after the 2024 rule change. The central bank reported in June 2025 that virtual-asset transactions using electronic payment instruments reached $294 million during the first half of 2025, compared with $46.5 million in the same period of 2024. The BCB put cumulative activity since the regulatory change at $430 million.

Bolivian small businesses were increasingly accepting crypto amid inflation and dollar shortages. That report cited BCB figures showing the rise in virtual-asset transaction volumes after the country relaxed its previous restrictions.

Financial institutions entered the market during the same period. Ascrypto.news reported on Banco Bisa’s USDT custody service in Bolivia, the bank introduced virtual-asset custody, buying, selling and transfer services after the central bank’s policy change.

Bolivia is preparing more crypto oversight as adoption grows

Toyosa’s Bitcoin service arrives while Bolivia continues developing rules around virtual assets. ASFI published consumer guidance in January warning that crypto exchanges expose users to price volatility, counterparty risks and potential losses, even when assets such as stablecoins are designed to track conventional currencies.

The country’s financial accounting framework has moved further into digital assets. Bolivia’s central bank reported that an October 2025 ASFI resolution added virtual-asset accounts, income, losses, custody and administration categories to the accounting manual used by regulated financial institutions.

Bolivia is preparing tighter crypto oversight under its IMF-backed economic reform program. The reported framework would address supervision and illicit capital flows, though final implementation rules and deadlines had not been published at the time of that report.

USDT has remained particularly visible in Bolivia’s crypto economy. The BCB publishes reference prices for virtual assets and has used Binance peer-to-peer trading data for its USDT reference calculation. Its published virtual-asset table includes reference prices for Tether, Bitcoin and Ether.

In July, crypto.news reported on proposals to give USDT a more formal payment role in Bolivia, while noting that authorities had not completed rules that would make the stablecoin equivalent to national legal tender.

Regional data show stablecoins remain especially common for transactional use. Stablecoins overtook Bitcoin in Latin American crypto purchases during 2025, with dollar-linked tokens making up 40% of Bitso purchases compared with Bitcoin’s 18%. The figures cover Bitso’s markets and should not be treated as Bolivia-only data.

Toyosa’s latest rollout extends its payment menu from the dollar-linked USDT service launched in 2025 to Bitcoin itself. As of Sept. 20, the company had confirmed the BTC purchase option but had not publicly released transaction volumes, Bitcoin-specific processing fees, minimum purchase amounts or a first completed BTC vehicle sale.