Formation Securities has notified the SEC that it plans to build a tokenized-stock trading venue on Solana, targeting an early 2027 launch. The proposal is under the SEC’s Innovation Exemption framework, which offers temporary, conditional regulatory relief for certain venues handling secondary trading in eligible tokenized U S stocks. That’s a formal step into a regulatory process, not approval to begin trading.
The proposed venue would use permissioned automated market maker pools, where verified investors trade under set rules rather than through a conventional exchange order book. The plan describes round-the-clock trading, atomic settlement, self-custody and compliance controls. Tokenized shares are also expected to carry shareholder rights, including voting and dividends.
Formation has named expected launch securities: Galaxy Digital, Exodus Movement and Forward Industries. Those names give the proposal a more specific launch shape, but they do not confirm that issuers are committed to participate when the venue opens.
The gap between filing and a functioning market remains substantial. The SEC still has to determine whether the plan can proceed under the exemption and on what conditions, and the launch depends on issuer participation. The next checkpoint is whether regulators allow the proposal to advance toward Formation’s early 2027 target. For now, this is a defined venue plan on Solana, not live tokenized-stock trading.
Formation’s Solana tokenized-stock venue plan now waits on how the SEC responds to its filing.