On August 15, the news that the U.S. Securities and Exchange Commission (SEC) has postponed its tokenized securities regulation plan dampened market sentiment, leading to declines in the stock prices of several crypto companies involved in asset tokenization on Friday. Among them, digital asset platform Bullish saw its stock drop by about 8% in early trading, while blockchain lending company Figure fell by approximately 9%; Coinbase's stock decreased by about 2%, and stablecoin issuer Circle dropped nearly 4%. Additionally, Securitize, the issuer of BlackRock's tokenized fund BUIDL, experienced a decline of up to 5% during the trading session. The market volatility stems from the SEC's further postponement of the highly anticipated 'innovation exemption' plan, which was initially believed to lower the regulatory barriers for companies issuing and trading tokenized securities, thereby facilitating Wall Street's entry into the on-chain securities space. Meanwhile, the SEC canceled a scheduled meeting that was intended to discuss whether to introduce a new regulatory framework for certain crypto asset investment contracts. The uncertainty surrounding regulation has not only impacted publicly listed companies but has also dragged down the performance of the crypto market. The native token UNI of decentralized exchange Uniswap dropped about 7% in the past 24 hours, making it one of the weakest assets in the CoinDesk 20 index. Clear Street senior analyst Owen Lau stated that the SEC's delay represents a 'speed bump' for the tokenization sector but does not alter the long-term trend. Companies like Coinbase and Bullish are still advancing their tokenized stock initiatives, and both Nasdaq and the New York Stock Exchange are building relevant infrastructure. Market attention will shift to when U.S. regulators will clarify the rules for tokenized securities, and whether the Digital Asset Market Structure Act (CLARITY Act) and disputes over SEC authority will further impact the industry's development.