As crypto law falters, SEC opens tokenized stock floodgates

1. Homepage
2. >
3. News
4. >
5. Business
6. >
7. As crypto law falters, SEC opens tokenized stock floodgates

United States crypto legislation might be toast, but America’s securities regulator is opening the floodgates for blockchain-based tokenized stock trades.

Sen. Thom Tillis (R-NC) was one of four Republicans who voted against the U.S. Senate’s digital asset market structure bill (the CLARITY Act) on Tuesday (15), helping to send CLARITY to a decisive and ignominious 49-50 defeat. But in switching his vote from ‘aye’ to ‘nay’ at the last minute, Tillis was able to use a procedural motion to preserve CLARITY’s faint hope of passage at some future date in the current Congress.

Problem is, the congressional calendar is tight, and the Dems’ chief objection to CLARITY as written—getting President Donald Trump to agree to ‘ethics’ provisions with actual teeth—seems extremely unlikely to be resolved. And yet, a group of pro-crypto Dems agrees with Tillis that CLARITY isn’t quite dead yet.

On Wednesday, seven Dem senators issued a joint statement expressing their “continued commitment to pass CLARITY.” They insist they wouldn’t have “spent the last two years working to pass crypto legislation” if they weren’t sincere in seeking to “protect consumers, punish bad actors, create regulatory certainty, and include strong, commonsense ethics provisions for elected officials.”