[SEC Establishes Five-Year Framework for Tokenized Stock Trading, TD Cowen Predicts Limited Short-Term Demand] Odaily Planet Daily reports that the U.S. Securities and Exchange Commission (SEC) has established a five-year framework for tokenized stock trading, just days after the failure to advance the CLARITY Act. Investment bank TD Cowen stated that U.S. investors already have convenient access to stocks, and issuers have shown limited interest in tokenization, predicting low adoption rates in the short term. TD Cowen pointed out that perpetual contracts remain a more attractive option for gaining exposure to crypto asset stocks, with trading volumes far exceeding those of tokenized spot products. (CoinDesk)