If the Clarity Act doesn't pass, it will only provoke pushback from the SEC and CFTC. Earlier it was said that if both agencies pushed their new rules, they could at least deliver 50-60% of the Clarity Act's intended effect—and here it comes, just that fast. This time the SEC is making the first move, rolling out a specific 5-year temporary exemption order: • What it exempts: Tokenized Securities Venues (TSVs) will temporarily not be treated as an "exchange" under the Exchange Act; LPs who contribute their own capital to AMM liquidity pools will, under certain conditions, also not be treated as "dealers." Comment: This is most directly bullish for Uniswap and Robinhood, and indirectly bullish for ARB and ETH as well. • What it does: Allows tokenized NMS stocks (real U.S. equities, not synthetic exposure) to be traded in permissioned AMMs / liquidity pools. Comment: Asset tokenization is an unstoppable trend. • Hard conditions: Tokens must grant holders rights equivalent to those of traditional shares (dividends, voting, etc., with purely synthetic instruments explicitly excluded); underlying assets and trading volumes are subject to caps; issuers must receive advance notice and have the right to object; smart contracts must be auditable, public, and deployed on public, permissionless ledgers; the underlying stock must be halted in sync when it is halted on the primary exchange; operations require public disclosure. • Duration: Expires 5 years after publication, with a simultaneous public comment period to pave the way for whether it will later become a permanent rule. Of course, this is an administrative-path acceleration, not a substitute for the Clarity Act. The upside is speed and iterability; the downside is reversibility—the next chair or a court could change it, and it doesn't address the full buildout of a CFTC-side spot digital commodity market.