Tokenization-linked stocks and DeFi tokens fell after the U.S. Securities and Exchange Commission again delayed a proposed innovation exemption for tokenized securities and canceled a scheduled meeting on a separate crypto-assets offering framework. Bullish fell as much as 11.2% to an intraday low of $24.36 before trading around $24.41, Figure Technology Solutions dropped as much as 9% from Thursday's session high to $31.51, Coinbase slipped 3% to $149.30 and Circle fell 4.8% to $71.79, while Uniswap's UNI token lost 7% over 24 hours, making it the weakest performer in the CoinDesk 20 on Friday and for the week. The exemption had been expected to lower regulatory barriers for issuing and trading tokenized securities, including through DeFi venues, but White House officials, SEC staff and Wall Street firms raised concerns about the agency's legal authority to grant such broad relief outside formal rulemaking and about how issuer-backed and synthetic tokens would fit within market rules. Analysts said the setback may lengthen the adoption curve rather than derail tokenization, with exchanges and crypto firms still building onchain settlement and round-the-clock trading infrastructure.