The Clarity Act not passing will only provoke backlash from the SEC and CFTC. Previously, it was said that the new regulations from both agencies could achieve at least 50-60% of the Clarity Act's intended effects—and now, here we are. This time, the SEC is taking the lead, introducing a specific 5-year temporary exemption order: • What’s exempted: Tokenized Securities Venues (TSV) will temporarily not be classified as “exchanges” under the Exchange Act; LPs providing their own funds to AMM liquidity pools under certain conditions will also not be classified as “dealers.” Comment: This is directly beneficial for Uniswap and Robinhood, and even indirectly positive for ARB and ETH. • What’s allowed: Trading tokenized NMS stocks (real U.S. stocks, not synthetic exposure) within permissioned AMM/liquidity pools. Comment: The trend of asset tokenization is unstoppable. • Hard conditions: Tokens must grant holders the same rights as traditional stocks (dividends, voting, etc., explicitly excluding pure synthetic assets); there are limits on the underlying assets and trading volume; issuers can be notified in advance and object; smart contracts must be auditable, public, and deployed on a public, permissionless ledger; underlying stocks must halt trading on the main exchange if suspended; operations must be publicly disclosed. • Duration: Expires 5 years after publication, with public feedback solicited to pave the way for potentially turning it into a permanent rule. Of course, this is an administrative fast-track, not a replacement for Clarity. The advantage is speed and iterability; the downside is reversibility—future chairs or courts could overturn it, and it doesn’t address the CFTC’s side of the spot digital commodity market’s full framework.