SEC Opens Tokenized Stock Route After CLARITY Setback

SEC Chair Paul Atkins directly connected the order to the Senate setback in his September 17 statement.

Congress was “unsuccessful in advancing the CLARITY Act,” Atkins wrote. “So today, the Securities and Exchange Commission is taking a significant step forward.”

The failed CLARITY vote left the current division of regulatory responsibilities unchanged. The SEC order covers a smaller part of that unfinished work: secondary trading in tokenized National Market System stocks, generally shares listed within the US national market structure.

The announcement did not launch a trading platform. It established a legal route that operators can use if they meet the SEC’s conditions. The order does not cover cryptocurrencies generally, settle the SEC’s relationship with the CFTC or establish permanent rules for digital assets.

The order changes two Exchange Act classifications

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