Regulators approved a plan backed by Silicon Valley heavyweights to launch a new stock exchange that could appeal to hot technology startups.

The Securities and Exchange Commission signed off on the Long-Term Stock Exchange’s application to become a national securities exchange, according to an order posted on the agency’s website on Friday. Investors in LTSE include Peter Thiel’s Founders Fund, venture capitalist Marc Andreessen and a venture firm co-founded by Ev Williams, former chief executive officer of Twitter Inc.

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