The driving force behind this surge comes from the SEC's support. The SEC issued a five-year temporary exemption, allowing tokenized U.S. stocks to be traded using permissioned AMMs (Automated Market Makers) + liquidity pools. This means DEXs don’t need to register as formal exchanges. At the same time, those providing liquidity with their own funds in the pools are also exempt from the 'dealer' registration requirement. The key provisions of the clear legislation that didn’t pass? The SEC implemented them via executive order