Cuomo: Tokenization Outpaces US Regulation, Clarity to Decide Capital Flows

Cuomo's framing matters less as a policy critique than as a signal of where the industry's own attention sits: the gap between on-chain issuance and the rules that would legitimize it at scale. The innovation exemption is notable precisely because it treats tokenized equities as a supervised experiment rather than a settled market, which leaves venue operators and traditional institutions navigating conditions that can shift. Whether that exemption becomes a durable template or remains a narrow carve-out is the open question shaping where capital and talent ultimately settle.