SEC Acceptance Path

The most likely path is that the SEC treats OKX's filing as a test case under the five-year exemption and allows the application to proceed with added reporting, custody, and investor-protection conditions. This would validate the tokenized-stock pilot while avoiding an abrupt expansion beyond the agency's stated sandbox.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.