SEC just dropped a 5-year Innovation Exemption for tokenized securities after CLARITY got stuck in Congress.

Here's the alpha:
• Tokenized NMS stocks can now trade on permissioned AMMs
• Temporary dealer relief for qualifying LPs
• Must mirror underlying rights 1:1
• Issuer can opt-out
• No synthetic BS allowed
• Full anti-fraud rules still apply

This isn't the final rulebook — it's a bridge. SEC basically said "we're not waiting for Congress anymore."

Bullish for tokenized securities infrastructure. RWA narrative gets another leg up.

Watch which venues move first and which issuers actually opt-in. That's where the real signal is.