Analysts point out that the SEC's five-year innovation exemption creates a path for tokenized US stocks to be traded on public blockchains via automated market makers (AMMs). Coinbase's existing tokenized stock products already meet most of the SEC's requirements, and its institutional custody business and Coinbase Tokenize infrastructure also offer advantages. While Robinhood will need to adjust its existing offshore products to comply with the new rules, analysts expect it to act quickly. Furthermore, the increase in tokenized securities trading will drive demand for tokenized cash, with Circle's USDC poised to become an important tool for settlement, collateral, and other on-chain activities.