The CLARITY Act failed to advance in the U.S. Senate today, falling short of the 60 votes needed to move forward. We are disappointed by this outcome: legislation would future-proof crypto policy in the U.S. However, this does not affect how tokenized securities will operate in the U.S. They already fall within the federal securities framework, and Securitize has spent years building regulated infrastructure for issuance, transfer agency, trading, and fund administration of real securities onchain, not synthetic or derivative versions of them. Furthermore, we expect the SEC and CFTC to proceed with agency rulemaking that will advance crypto and other policies. While not as durable as legislation, we anticipate a path forward in the most critical areas will be forthcoming. We will continue to support the CLARITY Act and other efforts to establish durable market-structure rules for crypto. We will also continue working with lawmakers, regulators, issuers, and market participants to further advance the ecosystem for tokenized securities in the U.S. Clear legislation can give institutions greater certainty across administrations. In the meantime, Securitize will continue building the infrastructure that brings securities and capital markets onchain. Tokenize the World.