According to CoinMeta, the CLARITY legislation was not passed by the U.S. Senate, but regulatory authorities are still formulating rules regarding digital assets. The Alex Tapscott from CMCC Global Capital Markets pointed out that despite Congress's failure to take action, SEC and CFTC have quickly introduced "innovation exemptions" that allow certain venues to trade tokenized stocks of U.S.-listed companies on-chain through automated market makers and liquidity pools. These exemptions provide qualified trading venues with a market model to develop under the existing SEC authorities, although their scope is narrower than that of the proposed legislation.