SEC establishes five-year framework for tokenized stock trading; TD Cowen expects limited short-term demand

The SEC has launched a five-year framework for tokenized stock trading following the stall of the CLARITY Act. TD Cowen analysts suggest that due to existing easy access to stocks for U.S. investors, issuer interest remains low and short-term adoption is expected to be minimal. The firm noted that perpetual futures remain more attractive for crypto-asset stock exposure compared to tokenized spot products.