On September 17, the U.S. Securities and Exchange Commission issued a five-year innovation exemption, allowing regulated U.S. stocks to be traded compliantly on blockchain tokenized trading platforms for the first time. Two days before the exemption was announced, the Senate CLARITY Act procedural vote failed with a 49-50 result, falling short of the 60-vote threshold. Trading platforms must adopt a permissioned market maker and liquidity pool system, comply with trading codes and volume caps, and disclose prices, pool addresses, and daily trading volumes. The exemption will expire after five years.