The SEC published its Regulation Crypto Assets proposal on August 18, with exemptions reaching up to $75 million over 12 months. Bitcoin ETF access required approximately two and a half years to move from technically available to genuinely accessible for institutions, with Morgan Stanley and Bank of America only expanding access within the past year. The tokenized equity market reached a capitalization of roughly $2.8 billion as of August 17, with monthly transfer volumes near $23 billion across more than 1.3 million holders. Rule 611 on trade-through stands as a concrete barrier to DeFi platform integration with brokerage services for tokenized stocks, and its rescission does not address liquidity fragmentation across issuers and chains. The bull case scenario depends on coordinated progress on Rule 611 rescission, SEC-CFTC harmonization, and tokenized-stock standards over the next year.
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