Tokenization Digest, Issue 09. The week the legislation stalled and the regulator moved anyway. 🔸 The CLARITY Act failed to advance in the Senate 🔸 Two days later the SEC issued an Innovation Exemption, letting qualifying venues trade tokenized stocks onchain. Effective immediately, for 5 years. 🔸 The exemption covers tokenized stocks carrying real shareholder rights rather than synthetic exposure. 🔸 HSBCS and Standard Chartered completed the first live tokenized deposit transaction over Swift. 🔸 The FDIC proposed parity rules so state chartered banks can take part in digital asset activities. 🔸 Hong Kong's policy address widened its tokenization agenda to gold, money market funds and commodity warehouse receipts. The week in one number: tokenized equities are roughly 0.004% of the US stock market. That is the runway the SEC just cleared.