The Securities and Exchange Commission (SEC) has once again delayed its innovation exemption that would allow crypto platforms to trade tokens replicating stocks like Apple, Tesla and Nvidia outside Wall Street hours. This delay is due to ongoing negotiations in the U.S. Senate over section 10505 of the Clarity Act, the crypto bill meant to split jurisdiction between the SEC and the CFTC. In parallel, tokenization through Nasdaq has progressed, with a production pilot launched in July alongside BlackRock, JPMorgan and Goldman Sachs. The real legal issue concerns third-party wrappers: without the issuer’s agreement, these tokens guarantee neither voting rights nor dividends, creating a risk of market fragmentation already flagged by Nasdaq, NYSE and Cboe. Senator John Thune set a procedural vote for September 15, but SEC Chair Paul Atkins warned the agency was ready to act alone if Congress failed once again.
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