Goldman Sachs: SEC Approval of Tokenized Stocks Benefits Coinbase Most, Though Impact Remains Limited

According to a Goldman Sachs report dated September 18, 2026, the SEC issued an order on September 17 granting a five-year conditional registration exemption to specific exchanges and liquidity providers for tokenized stock trading in the U.S. Conditions include the use of automated market maker (AMM) order books, eligibility restricted to native tokenized stocks, and issuer veto rights. Goldman Sachs notes that Coinbase (COIN) is the primary beneficiary as its existing products align with these exemptions, while Robinhood (HOOD) would require new product development. The bank views this as a step toward regulatory clarity but emphasizes that broader adoption requires legislative reform, such as the CLARITY Act.