Equities of firms tied to tokenization infrastructure declined after the SEC signaled further delays in formalizing rules around tokenized securities, cooling near-term expectations for institutional adoption of on-chain asset representations. The delay affects the broader ecosystem of tokenized Treasuries, money market instruments, and other traditional assets being brought onto distributed ledger platforms by firms including BlackRock, Franklin Templeton, and others. For Armada's crypto desk, tokenized T-Bills are explicitly part of the accepted collateral set. An extended SEC delay creates uncertainty about the legal enforceability, transferability, and bankruptcy treatment of these instruments in a repo context. Armada should confirm with legal counsel and Fireblocks whether the custody and collateral framework for tokenized instruments remains sound absent SEC rule finalization.