The U.S. Securities and Exchange Commission (SEC) has issued a formal order regarding tokenized securities trading venues, approving a conditional temporary exemption. This means tokenized stocks are still permitted to trade under certain conditions, as regulators seek to clarify the specific boundaries of tokenized operations.

SEC Approves Conditional Temporary Exemption

SEC Commissioner Paul Atkins said the SEC is taking an important step by exercising its statutory authority to facilitate U.S. capital markets in the digital age, promoting tokenization innovation for certain on-chain trading activities through exemptions.

According to the order, the SEC approved a conditional temporary exemption that relieves tokenized securities trading venues from the definition of a securities exchange under the Securities Exchange Act, allowing them to trade tokenized NMS stocks and adopt innovative market mechanisms such as automation and liquidity pools. Simply put, tokenized shares can still be traded at this stage, with regulators temporarily providing room through the exemption while further clarifying the compliance boundaries for such operations.

In recent months, activity in the tokenization space has become an important part of the market. Hyperliquid is in a period of rapid growth, with reports indicating a 4% increase; Lighter has also been active, with reports showing a 15% increase. NEAR Protocol and Uniswap are also advancing major initiatives. Zcash continues to perform strongly and has become one of the market's highlights. Ondo Finance is also moving in a related direction, with a tokenized stock layout, and its related protocols are expected to bring important actions later.

Bitcoin and Ethereum Market Reaction

Bitcoin responded to the above news this week. Despite some bearish factors in the market, including uncertainty over whether the Clarity Act can be approved, Bitcoin remained effective near $76,000 and continued to climb with difficulty. Ethereum also saw a decent rebound on the day.

It should be noted that this SEC exemption measure is mainly a temporary relief and cannot stop the overall rulemaking process, but it can limit the pace of rule advancement to some extent. Even if the Clarity Act has not yet been approved, the market may still face structural changes.

Market Outlook

Over the past 10 months, Bitcoin's price has mainly traded between $60,000 and $100,000, and the area around $65,000 is still seen as a key level. Early market focus areas include Zcash, Lighter, Hyperliquid, VVV, NEAR Protocol, and Bittensor. The next 8-12 months could become a critical window, and the market is expected to adopt different response strategies.

The cryptocurrency market is global in nature and will not disappear easily; despite downward pressure in some sectors, the market overall will persist. The United States still has the potential to become a leading innovator in this field. The current market is more like a warm-up phase, with initial signs of an upward trend already emerging. Bitcoin has remained relatively strong during the decline phase, showing robust market demand. Eventually, related tokens are expected to see the long-awaited market move. Areas such as tokenization, AI and crypto, the agent economy, and privacy all deserve continued attention.