FloorThe stock exchange the SEC just allowed, built on Solana.Exchange
FLOORThe venue tape starts with the first fill after launch. Nothing has traded here yet.
last sale and halts, delayed
Superstate mints via Jupiter
pairs settle in USDCThe order
On 2026-09-17 the SEC issued Release No. 34-106402, an exemption that lets a Tokenized Securities Venue trade tokenized US stocks through AMM pools on a public chain for five years without registering as an exchange, and exempts its liquidity providers from the dealer definition. It took effect that day and runs to 2031-09-17. The design was proposed to the SEC's Crypto Task Force as Project Open by the Solana Policy Institute, Superstate, Orca and Lowenstein Sandler. Each of its conditions is a rule in a program below.
| Condition in Release No. 34-106402 | Rule in the FLOOR programs |
|---|---|
| Only Tokenized NMS Stock with full economic and governance rights: issuer-sponsored, or third-party after a 30-day issuer notice with no objection. | The venue registry lists a mint only with an issuer-sponsored flag or a notice record whose 30-day timer has run without an objection flag. |
| Pairs only against another tokenized NMS stock, a payment stablecoin or a tokenized money market fund. | Pool creation accepts a quote mint from an allowlist: USDC today, a tokenized money market fund when one is admitted. |
| Permissioned access on a public, permissionless chain with public, auditable contracts. | Open Anchor programs on Solana; every trader and LP wallet must be on the venue allowlist and hold the shares in a token account the issuer's transfer agent has thawed; the shares are frozen by default. |
| Halt whenever the primary listing exchange halts, and notify participants. | The halt feed program stores halt and resume per symbol from a keeper set; swaps check it first and emit a participant notice while halted. |
| Caps: Tier 1 up to 75 symbols and 0.25 percent of prior-month consolidated ADV per stock; Tier 2 up to 250 symbols and 2.5 percent. No grace on symbol counts. A second breach pauses the stock for three months. | floor_caps counts executed shares per symbol per calendar month against a keeper-posted ADV, refuses the crossing fill, throttles past 90 percent, refuses the 76th and 251st listing, and pauses a symbol for three months on a repeat breach. |
| No borrowing, hypothecation or credit on the venue. No primary issuance. | There is no lending instruction anywhere in the programs; pools only swap and hold LP deposits. Mints are the issuer's, never ours. |
| Publish transaction data free, machine-readable, in USD, for the last 30 days, within 10 minutes. | Every fill is an on-chain event; the site serves the last 30 days in USD as JSON, refreshed inside the 10-minute window. |
| Disclose the pricing model, oracles, bands, MEV policy, upgrade and pause authority. | The disclosures page is generated from the on-chain config: constant-product pricing, the two keeper feeds as the only oracles, the band setting, the fee schedule and the multisig that may pause or upgrade. |
FLOOR operates under the SEC's Innovation Exemption. The SEC has not approved, licensed or endorsed this venue or any security traded on it; the order itself forbids implying that it has. A venue operator must be a US person, publish a notice 30 days before operating, keep its records in the US and consent to SEC examination.
The cap
The order lets a Tier 1 stock trade at most 0.25 percent of its prior-month consolidated average daily volume per month on the venue. The caps program counts every executed share against that number inside every swap and refuses the fill that would cross it. The symbol cap has no grace: the 76th Tier 1 listing is refused, not recorded.
FWDI's prior-month ADV on Nasdaq sets this month's cap. The slider stands in for a month of venue volume; the rule answering it is the one in floor_caps::record_execution.
How many FWDI shares can this venue trade in a month?
Waiting for Nasdaq's daily volumes.
The halt desk
The order requires a venue to halt a stock whenever its primary listing exchange halts it, and to tell participants. The halt feed program takes halt and resume events from a keeper set reading the exchange notices; every swap checks the symbol's halt state first and is refused while it stands.
Reading the feed.
Nasdaq Trader halt feed, Nasdaq-listedCTA notices, NYSE-listedTrade halts on the Nasdaq feed, as published now
On Solana already
Two SEC-registered shares that qualify for a venue live on Solana today, both issuer-sponsored through Superstate's Opening Bell and frozen by default, thawed only for wallets Superstate has allowlisted. No Solana venue has filed under the order. The NYSE owner's joint venture with OKX filed on 2026-10-04 for a venue on its own chain, X Layer, with 63 stocks.
Forward Industries
FWDI, Nasdaq. Tokenized common stock since December 2025. Frozen by default; Superstate thaws allowlisted accounts.
SuperstateSolana
Galaxy Digital
GLXY, Nasdaq. Tokenized Class A common stock since September 2025. Frozen by default; Superstate thaws allowlisted accounts.
SuperstateSolanaUSDC
The payment stablecoin every pool quotes in. A tokenized money market fund such as USTB can be admitted as a second quote asset once its terms are checked.
USTB, candidate
OKXICE, filed elsewhere
OKX and Intercontinental Exchange, owner of the NYSE, notified the SEC on 2026-10-04 of a venue on X Layer. Four listed companies objected. Solana is still open.
NYSE