Regulators want auditable pools, not anonymous dark pools. Contracts must be public and fall on permissionless ledgers to allow oversight to read code and verify inventory on-chain; access must be permitted to comply with sanctions lists and investor suitability. The two statements side by side equal "the ledger is public, and there is someone at the door." The five-year sunset forces the next committee to decide on extension, tightening, or writing permanent rules based on data.

The capital pathway is to create a controlled parallel market for on-chain legs of NMS stocks. The primary exchange still holds the suspension key, and TSV cannot continue to use automated market makers to consume informed orders after a circuit breaker. Third-party tokenization must first go through the issuer's right to object to prevent "being mapped on-chain." Liquidity providers are exempt from the dealer definition to avoid AMM proactive quotes being classified as dealer registration, otherwise the pool cannot be activated.

This is analogous to how ATS used exemptions to avoid full exchange registration, with pilot projects using volume caps to collect data: the sandbox's product is regulatory learning, not an immediate overhaul of the national market system. The industry is in a phase of parallel ledger experimentation, with the primary market clock still prevailing.

Structural judgments belong to regulatory changes. The mechanism is to write intermediary characteristics into enforceable terms using a checklist—public code in exchange for registration exemption, synchronized suspensions in exchange for not tearing apart price discovery, issuer objection rights in exchange for not forcibly mapping equity. Those who can simultaneously meet public chain deployment and permitted access can create on-chain legs for stocks within the five-year window.

ABAB News · Cognitive Law

The ledger can be permissionless, but there can still be permission at the door.
When the suspension key is with the primary exchange, the parallel market has no independent clock.
The five-year exemption buys data, not a permanent license.