Bitwise Asset Management Chief Investment Officer Matt Hougan said stablecoin platforms retain room to offer customer balance rewards after the Senate did not advance the CLARITY Act on September 15. Coinbase and other exchanges also retain existing state-level licenses and advantages from integrating trading and brokerage services. The SEC (U.S. securities regulator) released a five-year exemption on September 17 for tokenized stock trading, allowing eligible platforms to test permissioned automated market makers (rules-based liquidity systems) and liquidity pools. Hougan identified Securitize, which serves tokenized funds for BlackRock, Apollo and KKR, as a beneficiary. On September 28, SEC staff updated token repurchase guidance, stating that for functional networks without a centralized party, a repurchase announcement does not constitute a commitment on which purchasers rely for an expectation of profit. The guidance has no legal force.