Tokenization stocks slid Friday after the SEC delayed its 'innovation exemption' for crypto securities. Bullish fell 8%, Coinbase 2%, and Circle nearly 4%. Clear Street's Owen Lau called it a speed bump, not a derailment.
Tokenization-related stocks fell Friday after the Securities and Exchange Commission delayed a long-awaited regulatory exemption meant to ease the offering of tokenized securities, CoinDesk reported late Thursday.
Bullish dropped about 8% in early trading, reversing gains from its second-quarter earnings report. The crypto platform, which owns CoinDesk, is acquiring transfer agent Equiniti as it builds infrastructure for issuing and servicing tokenized securities. Blockchain-based lender Figure fell about 9% from Thursday's session high, also giving back post-earnings gains.
Coinbase declined 2%. The exchange is pursuing its own tokenized-stock offering and recently picked Abu Dhabi as its offshore hub. Circle fell nearly 4%. Beyond USDC, Circle operates the USYC tokenized Treasury product, which holds roughly $3 billion of assets.
Securitize, BlackRock's tokenization partner and issuer of the BUIDL tokenized Treasury fund, was down 5% earlier before reversing losses. It stabilized after Thursday's 27% plunge on missing earnings estimates.
The SEC's
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