There is nothing so powerful as an idea whose time has come. For now, that time has not arrived. But as Congress closed a door, regulators opened a window.
Both the SEC and CFTC moved with remarkable speed. Just two days after CLARITY failed, the SEC issued an “Innovation Exemption” allowing certain venues to trade tokenized U.S.-listed stocks onchain using automated market makers and liquidity pools. Chairman Paul Atkins called it a “bridge toward durable rulemaking.”
The CFTC has also been stripping away practical barriers, providing relief to certain software providers and updating guidance around tokenized investments and blockchain-based recordkeeping.
Congress declined to build the bridge, so regulators like Atkins have started laying planks themselves.
The question now is whether regulatory clarity can substitute for legislative clarity — and, if so, for how long.
Perhaps regulators recognize something Congress has yet…
