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Why it's worth your time

The structural item of the week, and the one with a real mechanism behind Coinbase's 11.66% Friday. The SEC's long-awaited Innovation Exemption landed September 17 — two days after the Senate blocked the Clarity Act market-structure bill, which had been the industry's top legislative priority. Securitize jumped the same day. Worth reading because it reframes the week: the legislative route closed and the regulatory route opened, and the exchanges are the venue that gets repriced either way.