Updated

The Securities and Exchange Commission issued a long-awaited Innovation Exemption clearing a regulatory path for tokenized stocks, moving markets closer to round-the-clock trading. The action came two days after the Senate voted to block the Clarity Act, a crypto market structure bill that would have provided clearer rules for digital assets. The failed Clarity Act vote is now weighing on crypto markets more broadly, with analysts warning it will put Bitcoin's recent rally to the test and XRP prices falling in the wake of the setback. The mixed regulatory signals—progress on tokenized equities alongside the stalled legislation—have left crypto investors weighing near-term uncertainty against longer-term momentum toward broader digital-asset market structure reform.