Shares in companies linked to the tokenisation of traditional assets fell on Friday (August 14) after the US Securities and Exchange Commission cancelled a meeting expected to provide greater clarity on its proposed crypto regulatory framework.
The SEC had been due to discuss proposals covering crypto fundraising exemptions, registration relief and a safe harbour for certain digital asset projects. The agenda also included an “innovation exemption” that could give firms greater scope to issue and trade tokenised securities using blockchain technology.
The regulator attributed the cancellation to an “unforeseen scheduling issue”, with no new date announced.
The delay comes shortly after the US Senate postponed consideration of the Clarity Act, leaving key elements of the country’s crypto regulatory framework unresolved.
The proposed innovation exemption has attracted particular attention from financial firms developing infrastructure for tokenised stocks and other securities.
The rules could support longer trading hours, potentially including around-the-clock markets, while providing a defined regulatory framework for blockchain-based versions of traditional assets.
The uncertainty was reflected in markets, with crypto-linked companies including Bullish and Coinbase falling during Friday trading as investors reassessed the pace at which tokenised securities could move into mainstream financial markets.
For firms developing tokenised markets, the regulatory path forward remains unclear, with investors now waiting for the SEC to reschedule its meeting.
