Summary of Key Points
On September 15, the Senate rejected the procedural motion for the CLARITY Act by a vote of 49–50, far from the 60-vote threshold. The public justification from the Democrats is that the conflict of interest provision regarding the president's family's cryptocurrency business is not stringent enough; four Republicans also voted against it. This is not a case of “the SEC rejecting the bill”—the rejection occurred in Congress, and the SEC used its administrative authority, which had been prepared for over a year, two days later.
On September 17, the SEC released the "Innovation Exemption": granting a five-year conditional exemption to tokenized security venues (TSV), allowing the trading of tokenized NMS stocks in licensed AMM pools; issuers can veto listings; if the underlying is suspended, the tokenized market must also suspend; market makers are temporarily exempted from certain dealer registrations. Chair Paul Atkins directly linked the action to the stalled bill: "Congress failed to advance Clarity, and the committee is moving forward with part of the tokenized stocks within its legal authority."
These two matters seem contradictory, with different legal subjects. Clarity aims to clarify "which crypto assets fall under the SEC, which under the CFTC, how stablecoin revenue is regulated, and whether public officials can issue tokens." The underlying tokenized NMS stocks are already securities and are under the jurisdiction of the SEC. The administrative exemption moves forward because it avoids the ethical concern, not because it replaces market structure laws.
The interests of Trump are a real sticking point in the Clarity negotiations, not a conspiracy illustration. Tokenized Apple and Nvidia do not automatically equate to a monetization channel for the president's family's tokens. The chair appointed by Trump executed the promise of "the digitization of U.S. capital markets" through an executive order, which is a separate logic from the idea that "the bill must allow the president's crypto business to pass."
In the second half of the year, engagement with this market is regarding distribution and infrastructure, not the narrative bull market of 2021. The locked-in amount is still only about $3 billion, a mere fraction compared to the U.S. stock market; trading has concentrated in a few venues. Binance's bStocks accounts for about a quarter of the locked-in amount and has consistently been in the top tier in turnover. Products can be purchased, traded 24 hours, and exchanged 1:1 with stocks, but are not shareholders. Risks are in structure, regional restrictions, and subsidies retreating, not in the headlines.
Congress shut the front door, the SEC opened the side door
First, let's clarify the subject. It is not the SEC that rejected Clarity, but the Senate. In July 2025, the House of Representatives passed H.R. 3633 by a vote of 294–134, which got stuck in the Senate over "whether to begin debate." On September 15, the procedural vote was 49 votes in favor and 50 votes against. All Democrats were opposed, and among Republicans, at least Collins, Hawley, Moran, and Tillis did not support it. Tillis subsequently proposed a motion for reconsideration, theoretically allowing another attempt, but to gather 60 votes again during the current session has already incurred political costs.
What Clarity aims to write into law is a complete structural map of the cryptocurrency market: which tokens are securities, which resemble commodities, how exchanges and custodians are registered, whether stablecoin revenue can be given to retail, and whether public officials' families can also become issuers. What repeatedly appeared on the negotiating table for Democrats is the disclosure and restriction regarding Trump's family crypto business. Public finances cited by Reuters indicated that the president's side previously reported over $1.4 billion in revenue related to the family crypto business. Bank lobbying is stalled over whether stablecoin revenue would siphon off deposits. Both sides are not about technical details but rather the distribution of interests in an election year.
The SEC's actions on the 17th were much narrower in scope. The innovation exemption targets how "stocks already traded in the national market system" can be traded again in token form at licensed-chain venues. TSV does not need to register under traditional exchange systems; liquidity providers can temporarily forgo registering as dealers; there are caps on the number of underlying stocks and transactions; issuers have the right to say no; transaction and pool data must be publicly disclosed; if the underlying stock is suspended, the tokenized market also suspends. At the end of the five years, feedback will be collected for future formal rules.
Atkins' statements leave little room for ambiguity: the bill didn’t pass, but the committee still wants to move forward within existing laws. He had stated before the vote that "regardless of legislation, this administration will deliver." The exemption itself was prepared for over a year and is not a retaliatory policy rushed out in 48 hours; the choice to issue it on the second working day after the vote follows a clear political timeline—what Congress cannot achieve, the executive branch will do where it can.
Therefore, it would be inaccurate to write "rejecting Clarity while allowing tokenized stocks" as a contradiction; it conflates two different powers and subjects into one sentence. A more accurate formulation is:
Congress refuses to write a general charter for crypto assets; the SEC has opened a regulated blockchain channel for stocks within its jurisdiction.
At what level Trump's interests lie is not at issue.
Conflict of interest is a real problem, and there is no need to replace facts with insinuations.
Clarity's inability to pass was publicly attributed by the Democrats to the president's crypto business. This is not the same proposition as "the SEC allowing tokenized stocks to make Trump money." The tokenized stocks are already listed NMS stocks on Nasdaq and the New York Stock Exchange. Most of the president's family's issued tokens do not appear on this list. Characterizing on-chain receipts of NVDA and AAPL as shadows of the president's wallet misrepresents the jurisdictions involved.
Another layer is valid as well. Atkins is the chair appointed in this term, and the White House views crypto as a political asset, with the public narrative being "the U.S. cannot cede innovation to Brussels or Beijing." The administrative exemption allows the White House to announce a victory even after legislative failure: Wall Street's stocks can now be traded along crypto lines. Stocks of Robinhood, Coinbase, Circle, and Securitize strengthened after the news, indicating that the market read it as benefiting the "gateway companies," not a "certain type of presidential coin."
Looking ahead, the next steps should be based on incentives rather than emotions:
- The SEC and CFTC will accelerate filling in existing powers. Token classification, custody, RWA-perpetual contracts, event contracts; Bernstein has already outlined this pathway as institutional expectations. The innovation exemption is a model: first, a five-year pilot, then deciding whether to write it into permanent rules.
- Clarity may attempt again with a narrower text, where ethical provisions and stablecoin revenue will be items of exchange. With midterm elections approaching, the window for a comprehensive bill is shrinking, and it is possible to break it down into several smaller bills.
- Issuers "opting out" will become a real battlefield. FT has noted that the exemption requires tokens to correspond as closely as possible to traditional shareholder rights, and companies can oppose tokenization. Currently, issuances without company consent still account for over 80% of tokenized equity lockups. If U.S.-domiciled TSV seriously enforces consent rights, it will fork from offshore products that follow "let's issue first and then discuss."
- Offshore venues will not automatically receive U.S. passports. Binance bStocks and European broker tokens will continue to sell according to their respective jurisdictions. U.S. retail wants the version in TSV that includes voting rights and can be halted by issuers; non-U.S. users are mostly using economic exposure rather than shareholder identities.
In the second half of the year, can it still follow: it can follow scale and channels, but cannot follow "once the bill passes, it will skyrocket."
First, look at the market cap to avoid turning policy news into market cap fantasies.
As of around September 17, the locked-in amount of tokenized stocks and ETFs is about $3 billion, with issuers highly concentrated: Ondo approximately $1.09 billion (35.5%), Backed/xStocks approximately $840 million (27.4%), Binance approximately $740 million (24.0%), and Robinhood approximately $170 million (5.6%). The on-chain share distribution shows BNB Chain approximately 34%, Ethereum approximately 26%, and Solana approximately 22%. Relative to the entire U.S. stock market, the penetration rate is still only a fraction. The locked-in amount proves that "someone is willing to map stocks onto the blockchain," but does not demonstrate that "the blockchain is already the main market."
Trading presents a different picture. Binance Research's mid-September tracking shows: bStocks and Robinhood have accounted for about 87.8% of tracked issued volume in September so far; this number was only 0.8% in June. In an earlier slice by AiCoin, bStocks, using about a quarter of TVL, accounted for about 88% of on-chain transactions. Robinhood has many holders with small individual positions; Ondo has a deep lock-in but slow turnover. The market has shifted from "who issues tokens first" to "who can thicken the order book and app distribution."
Experience feedback is also layered and should not be portrayed as a one-sided positive review.
Support side: 24-hour and after-hours pricing is a real demand. After launching bStocks, a significant proportion of transactions occurred during U.S. stock market closure; early samples indicated a good judgment of gaps in weekend prices affecting Monday's jumping direction. About 58.5% of early bStocks users have also traded perpetuals or direct stocks, indicating it is being treated as an extended trading period within the same account, rather than a substitute for opening an account with brokers. 1:1 exchange, fractional shares, and denominating in stablecoins have reduced the friction of "exchanging fiat before waiting for the market to open." The turnover of indices like QQB is extremely high, proving that market making and arbitrage are happening and that the order book is not merely a conceptual turnover.
Criticism is equally specific. Most offshore tokenized stocks do not confer shareholder status and have no voting rights, causing prices to diverge from on-market values. Fake tokens and imitation products appeared on-chain, and people unfamiliar with contract addresses may purchase unrelated assets. Subsidies are being withdrawn: gas subsidies for Robinhood Chain, partial Maker exemptions and withdrawal subsidies from Binance have timelines set around the end of September. October will test how much trading is genuine demand. The SEC's demand for "equal rights + issuer consent" does not pertain to the current biggest trading volume products, which are not the same legal species. Misunderstanding SEC news as "all global stock tokens becoming compliant overnight" reflects a misunderstanding of jurisdiction.
Binance's position in this map
bStocks is issued by an ADGM registered entity, with 1:1 custody corresponding to U.S. stocks or ETFs, traded 24 hours on Binance spot, and can be exchanged without fees for direct stocks within the platform or withdrawn to BNB Chain. It covers qualified non-U.S. users, not the U.S. onshore retail channel in the TSV exemption. From a functional standpoint, users typically desire: the ability to continue pricing QQQ, Nvidia, Tesla, SpaceX, and Circle after market close; to use tokenized stock positions as margin or on-chain assets; and to connect fiat, crypto spot, and TradFi packages with the same login status.
Market share according to indicators would yield different leading entities. In terms of locked amounts, Ondo still has the largest; in turnover and daily activity, bStocks often leads in noise from summer to early autumn. This aligns with the logic of CEX spots: deep liquidity accumulates at entry points already featuring hundreds of millions of users, rather than being stuck in the white papers of pioneering protocols. The window for triple counting VIP spot volume remains until September 23, 23:59 (UTC), only altering the VIP formula without changing profit and loss. New codes traditionally come with a period of zero Maker fees, not implying that new codes have depth.
If there is trading demand for tokenized stocks rather than an emotional response to policy headlines: if allowed in your location, proceed.
https://jump.do/zh-Hans/xlink-proxy?id=3
(Official collaboration link) Invitation code aicoin668; complete registration and identity verification, first confirm whether the stock/bStocks switch is turned on, then place an order. For existing accounts, go directly to the spot market and refer to transaction rankings instead of gain rankings—QQQB, SPCXB, and stocks of storage chains tend to be thicker than obscure new codes. U.S. residents should not assume this path equates to the newly approved TSV by the SEC. For mainland and restricted jurisdictions, accounts do not equal U.S. stock rights.
In the second half of the year, the following can be written as three hard constraints
Follow scale: The locked amount can grow larger from several billion, which is still feasible, as distribution has just started. Do not use "77 trillion in U.S. stocks on the blockchain" as the numerator; that is a denominator in publicity language.
Follow rules: Onshore U.S. will become stricter, slower, and resemble securities more; offshore will continue to compete with 24-hour operations and rates. The two product lines will coexist long-term, and there will be price gaps which can include arbitrage and clearing jumps.
Follow time: The daily average trading after subsidies end in October will be more important than the news of September 17. If trading returns to June levels, it indicates the policy merely pulled forward volume; if trading remains, it indicates that night market pricing is genuine demand.
Risks should be prominently stated alongside the headline. Tokenized stocks track prices but do not guarantee alignment with corporate governance. The innovation exemption is a conditional pilot for five years, and the next committee could impose tighter controls. If issuers object, the underlying halts, or there are issues with oracle and custody, stablecoin settlement, smart contracts, or platform qualifications, any link breaking can decouple the token price from stocks. Leverage and perpetuals are another contract type and should not be confused with spot receipts. Retracements in policy trading can outpace those in fundamental trading.
To sum up:
Clarity is stuck due to the president's business and bank lobbying; the SEC has released stock receipts it already has jurisdiction over.
The two matters can occur in the same week because they were never part of the same bill. In the second half of the year, this market will reward those who can distinguish between "onshore securities" and "offshore exposure," not those who read all on-chain activities as Trump’s private property. If one wishes to participate, first check qualifications, then look at transaction rankings, and finally, the first transaction after registration—be prepared, the volume in October will be more honest than the news in September.
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