The SEC (U.S. securities regulator) established a five-year framework for tokenized stock trading days after the CLARITY Act failed to advance. TD Cowen said U.S. investors already have convenient access to stocks, while issuers have shown limited interest in tokenization, making short-term adoption unlikely to be high. The investment bank added that perpetual contracts (derivatives without expiration) remain more attractive for gaining exposure to crypto-related stocks, with trading volumes far exceeding those of tokenized spot products.