Shares of digital asset securities firm Securitize were on pace for their largest single-day gain on record Thursday after the Securities and Exchange Commission opened the door for crypto versions of stocks.

Securitize stock, which debuted on the New York Stock Exchange on July 2, surged 22% to $9.49 toward its highest close since July 6, when it hit $10.88. Shares have dropped 16% since the initial public offering.

The SEC issued temporary exemptions Thursday that would make it easier to offer tokenized stocks to investors, so long as they offer the same benefits as traditional equities, such as dividends and voting rights. Stock-issuing firms have the right to refuse having their shares tokenized.

SEC Chairman Paul Atkins said in a statement that the decision "[allows] the market to evolve" and will "inform a nimbler and future-ready regulatory framework."

Investors saw the move as a benefit for Securitize, whose platform supports the tokenization of equities and funds.

Coinbase Global and Robinhood Markets have launched tokenized equity offerings, though neither company provides trading for U.S. customers. Shares of Coinbase and Robinhood each had added 2.6% by early Thursday afternoon.

Securitize stock had risen 46% this month in the lead-up to the SEC's announcement, trending positively as other crypto-related stocks faltered around the Senate's failed vote to advance the Clarity Act.

In March, the SEC approved the Nasdaq's proposal to allow the trading of some tokenized stocks and exchange-traded products. A month later, regulators approved the NYSE's rule change allowing trading in tokenized versions of existing securities.

The SEC exemptions introduced Thursday will expire in five years. The agency says it will at some point solicit public comments to help it decide next steps.