The U.S. Securities and Exchange Commission (SEC) is set to unveil a framework for tokenized equities, potentially benefiting platforms like Coinbase and Robinhood. This framework, expected to be released soon, will allow crypto-native platforms to trade tokenized U.S. stocks without full broker-dealer registration during a pilot period. Coinbase, which launched commission-free traditional stock trading in March 2026, views this exemption as crucial for its "Everything Exchange" strategy. Robinhood, having already introduced 100 tokenized U.S. stocks and ETFs in the EU, stands to gain significantly from the SEC's new framework. The company is developing a Layer 2 blockchain for real-world asset tokenization, positioning itself to compete with Coinbase in the U.S. market. The SEC's move could open a compliant pathway for these platforms to tap into the $93 trillion U.S. stock market.