SEC Rolls Out Tokenized Stock Trading Route Amid CLARITY Act Setback
The US Securities and Exchange Commission (SEC) has introduced a new route for tokenized stock trading, but it's not what was hoped for after Congress failed to pass the CLARITY Act. The order is a five-year controlled market test that doesn't cover the wider framework as intended by lawmakers.
According to SEC Chair Paul Atkins, the move directly relates to the Senate's setback in passing the CLARITY Act. He noted that while Congress was 'unsuccessful' in advancing the bill, the SEC is taking a significant step forward with this new order.
The exemption allows for secondary trading in tokenized National Market System stocks, but it doesn't cover cryptocurrencies generally or establish permanent rules for digital assets. The order changes two Exchange Act classifications and grants temporary relief to certain groups involved in the proposed market structure.