The SEC established a five-year Innovation Exemption for platforms facilitating blockchain-based trading in tokenized stocks and other securities, days after the CLARITY Act failed to advance. The framework permits Tokenized Securities Venues to use permissioned automated market maker pools for tokenized US stocks on public blockchains, subject to shareholder-rights, issuer-notification and transaction-reporting conditions. TD Cowen said US investors already have convenient access to traditional stocks, issuers have shown limited interest in tokenization and perpetual contracts remain more attractive for exposure to crypto-related stocks because their trading volumes far exceed those of tokenized spot products. Bitcoin topped $85,000 on Monday, while US spot Bitcoin ETFs recorded $433 million in net inflows on September 18. Ethereum and Ethereum-linked companies rose after the SEC measure, and Solana's tokenized-equity ecosystem reported 850,000 unique onchain holders and $3.3 billion in 30-day real-world-asset volume.