Crypto Tokenized Stocks Gain a Temporary SEC Pathway After Senate Setback

The Senate failed to advance the CLARITY Act on September 15, with the crypto market-structure bill falling to a 50-49 vote, 10 short of the 60-vote threshold needed for cloture, according to the embedded Reuters report.

Two days later, the SEC announced a temporary Innovation Exemption designed to let eligible tokenized crypto stocks trade more widely in the U.S.

TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.

pic.twitter.com/VDi7Oty2d9— U.S. Securities and Exchange Commission (@SECGov) September 17, 2026 The CLARITY Act sought to build a comprehensive regulatory framework for digital assets.