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It seems the United States is moving to a new stage of developing rules for digital assets. After the CLARITY Act failed to advance in the Senate on September 15, regulators stepped up work on specific areas of the crypto market. On September 17, the SEC introduced a temporary exemption for certain venues trading tokenized stocks. The mechanism provides for operation through permissioned onchain venues and automated liquidity pools. The SEC also directly links this step to preparing financial infrastructure for more extended trading. This shows that regulatory work is continuing even in the absence of a new comprehensive law. For the crypto market, it is important that some of the changes are now being implemented through regulators’ existing authorities.

At the same time, several processes currently taking place in parallel should be distinguished.
• The SEC is working on rules for tokenized securities and onchain trading.
• The regulator has authorized a temporary format for certain tokenized stocks under specified conditions.
• Separately, the SEC is working on transitioning traditional markets to nearly 24-hour trading.
• The CFTC continues to develop its own approach to regulating digital assets.
This separation of areas could gradually create a more detailed framework of rules for different market segments. At the same time, the final long-term rules may still change after discussions and comments from market participants.

For crypto traders, the most interesting part of this story remains the tokenization of traditional assets. The SEC says the new mechanism should allow onchain trading of stocks to be tested in a controlled environment. At the same time, it includes requirements for transaction transparency, technological safeguards, record-keeping, and risk management. If such infrastructure is scaled, the boundary between traditional financial markets and blockchain infrastructure will gradually become less distinct. This could potentially affect liquidity, asset accessibility, and the ways in which assets are settled. But for now, these are regulatory experiments and temporary mechanisms, not a full transition of the market to blockchain. Therefore, traders should monitor not only the news but also the specific conditions of future rules.

An interesting situation is now taking shape for the crypto market: the legislative process and regulatory initiatives are moving at different speeds. The SEC is already using its existing powers to test new formats, while the broader legislative framework remains the subject of further discussions. That is why the coming months could be important for understanding how the United States will define the status of different digital assets. For market participants, this means paying more attention to details rather than just loud headlines. New rules could affect exchanges, tokenized assets, DeFi, and institutional players differently. In my view, the main signal right now is that infrastructure is gradually adapting to onchain finance. We will see how quickly these experiments turn into long-term rules.

#CryptoRegulation
#DigitalAssets
#GateSquare
#Tokenization

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