Circle · Tokenization · SEC · Wall Street · Coinbase · Abu Dhabi · CoinDesk
Tokenization stocks slip as SEC delay puts 'speed bump' in crypto’s Wall Street push
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
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Tokenization-related stocks slid Friday after another delay to a long-awaited U.S. regulatory initiative weighed on investor sentiment towards the industry's expansion into traditional securities.
Key facts
- For comparison, the Nasdaq 100, S&P 500 and bitcoin BTC $ 62,993.69 were all mostly flat during the day
- Uniswap's UNI (UNI), the native token of the decentralized exchange, fell 7% over the past 24 hours, making it the weakest performer in the CoinDesk 20 Index both Friday and this week
- Crypto exchange Coinbase COIN $ 148.45, which is pursuing its own tokenized-stock offering and recently picked Abu Dhabi as the offshore hub, declined 2%
- Beyond USDC, Circle operates the USYC tokenized Treasury product, which holds roughly $3 billion of assets
Summary
Shares of tokenization-focused firms including Bullish (BLSH), Figure (FIGR), Coinbase (COIN) and Circle (CRCL) slipped Friday as the SEC delayed its planned “innovation exemption” for tokenized securities and canceled meeting on proposed crypto offering rules. Uniswap’s UNI dropped 7% leading CoinDesk 20 index losses, as the exemption was expected to provide relief for trading securities on DeFi venues. The regulatory setback is a “speed bump” for tokenization and may lengthen adoption, but does not derail momentum behind tokenized assets and 24/7 trading infrastructure, Clear Street managing director Owen Lau said. Bullish BLSH $ 24.45 fell about 8% in early trading, reversing gains following its second-quarter earnings report.