Even though the Clarity Act didn’t pass in Congress, no big deal—SEC Chairman Paul Atkins has stepped up. Using existing authority, he came up with something called an 'innovation exemption' to get the market moving first. In the future, tokenized stocks can be traded on-chain, and trading platforms and market makers will get temporary exemptions, so they don’t have to immediately follow the strictest traditional 'exchange' and 'broker-dealer' rules. Original stock companies can oppose it. So if AMC’s CEO objects, does that mean Robinhood’s tokenized stocks won’t happen? Vlad would probably say: what’s the concern Whether there’s an innovation exemption or not doesn’t seem to matter. We could just say: these are securities we issued ourselves, just referencing your stock prices. Public companies can’t stop others from using their stocks to create financial products. If the East Bureau can’t issue tokens, the West Bureau will. Act first, report later—imperial privilege. As for the Clarity Act, don’t count on it anymore. Even Coinbase’s policy team said: basically, consider it dead. But over the next two years, agencies like the SEC and CFTC will keep using their existing authority to roll out new regulations, one after another. There could still be a lot of bullish developments ahead. Staying firmly bullish on BTC—$300K–$400K by 2028, $1M by 2032.