The SEC (U.S. securities regulator) has again delayed publication of a special exemption rule for tokenized securities, postponing a framework that market participants have been watching for guidance on how blockchain-based securities issuance might be handled. Tokenized securities are traditional financial instruments represented on blockchain rails, and an exemption regime could shape how issuers test new distribution and trading models while remaining within securities law. The repeated delay suggests the regulatory path remains unsettled.