After the US SEC delayed advancing an “innovation exemption” that had been placed on the market with high expectations, there was widespread pressure on monetization-related shares and encrypted assets on Friday. The stock prices of Bullish, Coinbase, Circe, and Uniswap’s UNI have fallen significantly.
More related asset down
Bullish dropped about 8% on Friday's morning drive, repulsing part of the increase after the newspaper was released. The company is organizing the issuance and service infrastructure of monetized securities through the acquisition of the transfer agent Equiniti. The block chain lending agency Figure also fell at a high point in the previous deal, falling by about 9 per cent.
Coinbase dropped by about 2%. The exchange is advancing its own monetized stock products and has selected Abu Dhabi as an offshore hub. Stable currency issuer Circle dropped by nearly 4%. In addition to USDC, Circe also operates a monetized dollar product USYC, which currently manages assets of about $3 billion.
Two SEC arrangements deferred
The weakening of the market mood is mainly due to the SEC's further postponement of the innovation exemption. The exemption was originally seen as helping enterprises to make it easier to provide tokenized securities trading services. Reports indicate that the White House and Wall Street have concerns about the legal basis of the programme and its potential market implications, leading to the plan being put on hold.
Meanwhile, the SEC cancelled a meeting scheduled for Friday. The Commission had planned to discuss at the meeting whether to propose a set of customized distribution rules for investment contracts that partially involved encrypted assets. The simultaneous postponement of the two arrangements led to a prudential shift in the market ' s expectations regarding the regulatory path of United States monetized securities.
DeFi Synchronized Pressure
This delay is not limited to listed companies. The market had expected that the “innovation exemption” could also have created a regulatory buffer for decentralised securities transactions on financial platforms, so that the DeFi plate was similarly under pressure after the news was released.
Uniswap's UNI has fallen by 7% over the past 24 hours, becoming one of the weakest components of the CoinDesk 20 index on the day and week. By contrast, the low overall volatility of the NASDAQ 100 index, the General 500 index and bitcoin at the same date suggests that decomposition is more concentrated on monetization and related regulatory benefits.
It says the long-term direction remains unchanged.
According to the Director-General of Clear Street, Owen Lau, this progress is more like a “slash belt” on the subject of monetization than a reversal of the trend. In his view, the delay in regulation might prolong the landing of United States monetized assets, but would not change the long-term direction of development.
He mentioned that Coinbase and Bullish were still seeking to introduce tokenized stock products, and that traditional trading sites such as NASDAQ and the New York Stock Exchange were building a 24-hour trading infrastructure. The larger change now lies in the lengthening of the timetable rather than the rejection of the relevant operational direction.