Tokenisation stocks fall as SEC delays rules

• Tokenisation-related stocks fell after the SEC delayed its planned exemption for tokenised securities.
• Bullish fell about 8%, Figure dropped about 9%, Coinbase declined 2% and Circle fell nearly 4%.
• The SEC also cancelled a meeting on proposed rules for certain crypto investment contracts.

Tokenisation-related stocks fell on Friday after the SEC delayed a planned exemption for tokenised securities.

Bullish fell about 8%, Figure dropped about 9%, Coinbase declined 2% and Circle fell nearly 4%.

“The tokenisation theme hits a speed bump, but it doesn't alter the underlying momentum,” Clear Street managing director Owen Lau said.

The SEC delay could make it harder for companies to offer trading in tokenised securities, while the regulator also cancelled a Friday meeting on proposed crypto offering rules.

Securitize fell 5% before recovering, after dropping 27% on Thursday following earnings that missed expectations, while Uniswap (CRYPTO:UNI) fell 7%.

Lau said the regulatory setback could extend the adoption timeline, while Coinbase and Bullish continue developing tokenised equity products and exchanges build 24-hour trading infrastructure.

Following the announcement, Bullish shares were down about 8% at $24.45, while Bitcoin (CRYPTO:BTC) and major US stock indexes were mostly flat during the session.