The U.S. Securities and Exchange Commission (SEC) has unveiled an interim regulatory framework that permits certain tokenized U.S. equities to trade using decentralized finance (DeFi) infrastructure, such as automated market makers (AMMs) and public blockchains. This framework aims to establish a five-year experimental market structure to test the application of public blockchain infrastructure within the U.S. stock market. Former MicroStrategy CEO Michael Saylor called this move a "major breakthrough."