SAYLOR SAYS THE EXEMPTION ENABLES TOKENIZED MSTR AND STRC — NO VENUE HAS FILED TO RUN ONE — AND THE FIRST ONE THAT DOES WAITS THIRTY DAYS

Michael Saylor this morning, on the order the SEC issued a few hours earlier: it “enables 24/7 onchain trading of tokenized $STRC and $MSTR for U.S. investors through qualifying venues.”

The order is real and he is pointing at the right document. Here is what stands between it and a trade.

A venue has to exist. The order calls it a Tokenized Securities Venue. Before one can operate it has to publish a notice on its own public website and leave it there at least thirty calendar days, then tell the Commission in writing within one business day of posting.

Nobody has posted that notice. The order is hours old. So the earliest anyone trades a tokenized share of anything is thirty days after some venue puts its hand up, and none has.

Then the size. A tier one venue gets seventy-five symbols and a quarter of one percent of the prior month’s average daily volume. Tier two gets two hundred fifty symbols and two and a half percent. That is the ceiling on the whole thing.

Then the door. The order says permissioned three times. Permissioned market makers, permissioned participants, pools the venue picks. It is not open to whoever shows up.

And the tether. A venue has to stop trading a token the moment the primary exchange stops trading the stock.

One part cuts his way, and it is the part that matters to him. The order covers stock tokenized by the issuer itself. Strategy would need nobody’s permission to tokenize Strategy.