Innovation Exemption

The Digital Asset Market Clarity Act’s failure to advance has pushed the next phase of U.S. crypto oversight toward the SEC and CFTC. Executives see faster openings for tokenization, DeFi and dealmaking, while legal experts warn unresolved spot-market supervision could keep uncertainty in place.

OKXICE has notified the SEC of plans to launch a regulated tokenized stock trading venue in the United States. The proposed platform would begin with more than 60 U.S.-listed companies and preserve shareholder rights such as dividends and voting.

The U.S. Securities and Exchange Commission has proposed new rules intended to clarify how investment advisers and regulated funds may custody client crypto assets. The proposal includes a limited pathway for adviser self-custody, recordkeeping and disclosure expectations, auditing requirements, and the potential use of state-chartered trusts as custodians.

A temporary SEC framework for tokenized U.S. equities has moved blockchain-based trading closer to regulated capital markets. The shift underscores a widening policy challenge: technology is advancing while Congress remains divided over durable digital asset legislation.

Hyperliquid’s HYPE token remains one of the standout performers in digital assets as real-world asset tokenization gains traction in U.S. markets. Rising HIP-3 activity, strong decentralized exchange positioning, and a technical setup near key price zones are keeping the $115 target in focus for market participants.

TD Cowen expects limited near-term adoption of tokenized stocks in the U.S. even after the SEC created a five-year framework for qualifying venues. The bank sees perpetual futures as the stronger demand story for crypto-linked stock exposure, citing far higher activity than tokenized spot products.

The CFTC has sent an undisclosed crypto market proposal to the White House Office of Management and Budget after the CLARITY Act failed to advance in the Senate. The move comes as the SEC creates a five-year conditional route for qualifying tokenized-stock platforms and the CFTC offers no-action relief for certain passive software providers.