The U.S. Securities and Exchange Commission delayed again a proposed "innovation exemption" for tokenized securities, slowing a framework designed to let companies pilot blockchain-based trading of tokenized U.S. stocks without complying with the full requirements imposed on exchanges and broker-dealers. The delay is tied to unresolved negotiations over Section 10505 of the Senate's CLARITY Act draft, which says tokenized securities would still be treated as securities and directs the SEC to study custody (safekeeping of assets), consumer protection, cross-border issues and regulatory coordination. The SEC also postponed a vote that had been scheduled for Friday on a separate crypto startup fundraising exemption proposal, citing scheduling issues and giving no new date. The House version of the CLARITY Act passed in July 2025, while the Senate Banking Committee's version advanced in May by a 15-9 vote. A Senate procedural vote is not expected before September 15.