Live updates: Bitcoin slips back to $63,000; MSCI threatens to exclude Strategy from indices
Crypto-related stocks including Bullish, Securitize, and Coinbase saw declines as the SEC delayed an innovation exemption for tokenized securities. Market concerns regarding the legal framework for these assets continue to weigh on sector performance.
Why it matters
It illustrates the impact of regulatory uncertainty on the emerging tokenized securities market and the broader crypto-equity sector.
Bullish (BLSH), the crypto exchange that owns CoinDesk and is acquiring transfer agent Equiniti as it builds infrastructure for issuing and servicing tokenized securities, dropped 9% in the early session, reversing gains on its second-quarter earnings report.
Securitize (SECZ), BlackRock’s tokenization partner and the issuer of its BUIDL fund, fell more than 5% extending its Thursday 27% plunge after missing earnings. Now the stock trades 60% off its late June-early July high following its public debut.
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