The Clarity Act fell through, and Grayscale immediately turned to the SEC’s “innovation exemption” route to tokenize two covered-call crypto funds.

This move is actually pretty clever: when regulators block the main road, take a side route. Tokenizing funds offers a compliant channel for traditional capital to move on-chain, opening another door for institutions. The Clarity Act failing is bearish, but the SEC’s openness to innovation exemptions is being undervalued. Watch to see whether others follow suit—if they do, it’s a trend. 🧐

$GBTC #RWA #ETF