September 15: US Congress deadlocked over the CLARITY Act. Everyone thought the crypto industry’s regulatory framework would have to wait until 2030. But on September 17, the SEC basically flipped the table and rolled out a five-year “Innovation Exemption,” an unprecedented move that exempts on-chain AMM liquidity pools from exchange and broker-dealer licensing requirements! Then on September 24, Bullish—together with Equiniti, the century-old custodian holding the registry records for hundreds of millions of retail investors worldwide—set up the “Issuer-Sponsored Token Alliance.” On October 27, it headed straight to the NYSE to push real, on-chain US stocks. In the past few years, the so-called tokenized US stocks retail investors bought were 99% offshore-wrapped promissory notes (IOUs), with no shareholder equity. But this time, the underlying clearing infrastructure of Wall Street personally stepped in and directly connected to the legally registered shareholder roster. When traditional stocks can be seamlessly settled 24/7 through AMMs, the institutional gap between DeFi and CeFi is completely erased. Do you think this is on-chain finance swallowing traditional Wall Street—or traditional capital launching a full onboarding campaign for Web3?

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