The Securities and Exchange Commission is delaying a planned rulemaking that would create broad exemptions allowing U.S. crypto firms to trade tokenized versions of U.S. stocks, according to people familiar with the matter. The sources say the SEC’s delay affects timing for when the proposal or related exemptions would take effect, but they do not specify a new schedule or deadline. The plan is described as offering exemptions for crypto market participants to handle tokenized assets that are linked to stocks, potentially easing regulatory compliance compared with how such offerings may be treated under existing securities laws. The reports reflect uncertainty around the rollout and whether the SEC will revise the scope or approach before moving forward. No additional details were provided in the supplied materials about the reasons for the delay, the extent of the exemptions under consideration, or whether the SEC plans to engage with stakeholders before issuing an updated timeline. Overall, the information indicates the SEC is postponing steps toward an exemptions framework for tokenized stock assets involving crypto firms.