The first poison pill was a de facto ban on tokenized equities. Now for the last...

…Now, in Washington, they call this a manager amendment, and it's supposed to be a cleanup of the text, fixing typos, and clarifying language. But when the lawyers at Coinbase, Kraken, and A16Z started reading the fine print, they realized this wasn't a cleanup. It was a rewrite and it was filled with poison pills. The first poison pill was a de facto ban on tokenized equities. Now for the last year, the narrative for 2026 has been realworld assets. We've been talking about tokenizing stocks, bonds, real estate, and much more. Besides, Coinbase had publicly stated that their strategy for 2026 involved launching a market for tokenized stocks. But the new text of the Clarity Act effectively said that you cannot trade a token that represents a security on a blockchain. Just think about that. The technology that promises to make markets more efficient, instant, and transparent was about to be banned from touching the stock market. It's a bit like banning the internet from being used for mail because the post office exists. But that wasn't even the worst part. What? The second poison pill was a direct attack on yo…