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#SECCFTCOnchainRules CLARITY failed the Senate vote — so the SEC and CFTC just moved on their own 👀 SEC launched a 5-year "innovation exemption" letting qualifying venues trade tokenized NMS equities via permissioned AMMs. Synthetic equities excluded. Real stocks on-chain, through a regulated pathway, for five years 📋 CFTC extended a Phantom-specific position to qualifying passive software providers — won't recommend enforcement solely for providing unregistered IB/AP access to regulated derivatives. Translation: passive infrastructure providers get breathing room 🤔 Both moves are explicitly temporary, designed to fill the gap while CLARITY stays stalled. Administrative rulemaking doing what legislation couldn't 🫠 The question everyone's asking: do these interim exemptions quietly become permanent? Five years is long enough for an entire market structure to build around them — and regulatory rollback after adoption is historically rare 📊 SEC and CFTC moving without Congress, tokenized equities getting a regulatory green light — is this the actual framework the industry needed, or a stopgap that creates uncertainty when it expires? 👇