The SEC is preparing an innovation exemption for limited tokenized securities trading, with Hester Peirce saying the agency can use exemptive authority instead of full rulemaking. Former SEC lawyers told CoinDesk that makes the policy less durable than a formal rule or statute, but still hard for a future commission to unwind once firms build real products around it. Atkins framed the exemption as a narrow, time-limited bridge to durable rules; the real test is whether TradFi institutions treat that bridge as enough before Congress locks in market structure.

TLDR by @Benthic

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