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Building a Tokenized Securities Venue (TSV)

The SEC has opened a new path for trading tokenized National Market System (NMS) stocks. Moonsong engineers the systems behind TSVs, from architecture through implementation.

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Open source · Reference implementation

A working eligibility gate on Solana

Moonsong built an open-source Solana eligibility gate using Solana Attestation Service and Token ACL to verify investor credentials before admitting them to hold a tokenized asset. This is a key building block for a TSV.

github.com/Moonsong-Labs/token-acl-sas-gateView the code on GitHub

Unaudited reference implementation. Not for production use.

Understanding TSVs: from requirements to implementation

Explore technical resources on TSV requirements, architecture, and implementation.

Fundamentals
Considering a TSV? Start here.
Understand what a Tokenized Securities Venue is, what the SEC’s Innovation Exemption establishes, and the key decisions involved in bringing a venue to market.
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Architecture
What does the SEC’s Innovation Exemption require?
Explore the order’s technical conditions and how they map to ten engineering considerations for venue operators.
Coming soon
Architecture
How do you build a TSV?
See how a venue control layer connects identity, eligibility, tokenized assets, and trading infrastructure to support a functioning Tokenized Securities Venue.
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Architecture
Can an existing AMM become a TSV?
Explore how existing AMM infrastructure maps to the SEC’s requirements, and what it takes to add venue controls.
Coming soon
Solana
How do you build a TSV on Solana?
Explore how Solana’s token standards, eligibility controls, and AMM infrastructure can work together in a Tokenized Securities Venue implementation.
Coming soon

The venue control layer

Engineering the venue control layer

Moonsong builds the control layer for TSVs, covering participant eligibility, trading restrictions, audit records, and operational controls.

Admission and participation

Enforce rules governing who can participate and which securities they can access.

Trade enforcement

Apply trading restrictions, halts, and volume limits.

Auditability and reporting

Capture trade decisions and maintain records for reporting and review.

Operational control

Manage keys, upgrades, and recovery.

Explore the TSV reference architecture

A faster path to production

Start with Moonsong’s reference architecture, reusable components, and TSV engineering expertise, then tailor the implementation to your venue and existing infrastructure.

Talk to a TSV engineer

Map your requirements

Understand your planned venue, existing infrastructure, and any business-specific requirements beyond the core TSV requirements.

Get a tailored implementation proposal

Receive a no-cost proposal outlining what can be reused, what needs to be adapted or built, and the scope, milestones, and estimated timeline to production.

Build, integrate, and deploy

Adapt the architecture, build the components, and work with your team and service providers to test and deploy your venue.

Get a free technical scope and implementation proposal.

We’ll work with your team to understand your existing infrastructure, define your venue’s engineering requirements, and outline a practical path to a production TSV.

We’ll help define

Technical requirements for your venue
Architecture design & build components
A phased implementation plan

Stay connected with Moonsong

Get expert insights on tokenized securities venues and the infrastructure behind onchain finance.

This page reflects Moonsong’s engineering interpretation of the SEC’s order of September 17, 2026 (Release No. 34-106402), referred to by the SEC as the “Innovation Exemption,” which grants temporary, conditional exemptive relief for five years. It is for informational purposes only and does not constitute legal advice. Operators should consult qualified legal counsel regarding their obligations under the order.