CoinMeta data: According to Bitcoin.com, Bitwise Asset Management's Chief Investment Officer, Matt Hougan, after the Senate did not advance Clarity Act on September 15, stablecoin platforms retained the option to offer balance rewards to customers. Exchanges such as Coinbase also continued to maintain their current state-level licenses and advantages in trading and brokerage services integration. The U.S. Securities and Exchange Commission (SEC) issued a five-year exemption for tokenized stock trading on September 17, allowing eligible platforms to test using licensed automated market makers and liquidity pools. Hougan listed BlackRock, Apollo, and KKR's tokenized funds as beneficiaries. On September 28, SEC staff updated the token repurchase guidelines, stating that for networks that already have the necessary functionality and do not have a central authority, repurchase announcements do not constitute commitments on which buyers' expected profits depend, and thus these guidelines do not have legal effect.