Cryptocurrency concept stocks soared over 20% after a sharp decline: The Clarity Act faced setbacks, and the SEC released significant favorable news to reverse the situation.

After experiencing the brutal drop due to the failure of the CLARITY Act, U.S. crypto concept stocks staged a spectacular comeback last night.

On September 15, the U.S. Senate initiated a procedural motion vote on the CLARITY Act, ultimately failing with 49 votes in favor and 50 against. 11 Republican senators even turned against their party, causing the crypto sector to crash. In just two trading days, Coinbase fell by more than 10%, and Circle plummeted by over 11%.

However, just as the market was sinking into despair, last night the U.S. Securities and Exchange Commission chose to bypass the congressional deadlock and take proactive measures. On September 17, it released an “innovation exemption” policy, directly opening a five-year compliance window for on-chain trading of tokenized U.S. stocks. Under the impetus of this significant good news, crypto concept stocks surged collectively, with Securitize temporarily surpassing a 20% increase during trading.

1. What Did the SEC Actually Approve?

On September 17, the SEC officially issued Order No. 34-106402, granting temporary conditional exemptions to qualifying tokenized securities venues (TSVs). This order came into effect immediately upon release, valid for five years, and invited public comments on the formulation of subsequent formal rules. The core of this order includes two key exemptions:

1. Exchange Identity Exemption: Qualified TSVs can be exempted from being recognized as exchanges under the definition of the Securities Exchange Act of 1934, thus avoiding the need to register and operate according to the traditional cumbersome model of national securities exchanges.

2. Market Maker Exemption: Liquidity providers who fund automated market maker (AMM) liquidity pools are exempted from the definition of dealers under Section 3(a)(5).

This gives on-chain matching and on-chain market making a temporary green light, a breakthrough that has previously been very challenging to comply with under the U.S. legal system. SEC Chair Gary Gensler sees it as a transitional bridge to establishing lasting rules rather than a final solution.

2. Which Crypto Concept Stocks Are Likely to Benefit?

In the trading on September 17, the “cryptocurrency concept stocks” sector rose overall by 4.38%. The “on-chain financial infrastructure” sector performed particularly well due to the direct benefits of the policy.

The standout stock was Securitize, a leading tokenized infrastructure company listed on the NYSE, which closed up 14%, with an intraday increase that once approached 24%, ending at approximately $9.36. Securitize provides full-chain services including transfer agency, brokerage, ATS trading, and fund management, with clients including BlackRock, Apollo, and KKR. It is the most direct beneficiary of this rule exemption. The CEO stated that this framework finally paves the way for the compliant trading of truly tokenized stocks.

Overview of On-Chain Financial and Compliance Infrastructure Stocks

Overview of Bitcoin Mining Companies and Power Transformation Stocks

Mining companies and the power sector rose collectively, driven not only by policy benefits but also by the recovering Bitcoin price and the dual narrative of AI and HPC high-performance computing power transformation.