The Rollup host Andy clarified that ARK Invest’s current SEC filing is not the widely rumored broad “innovation exemption” for tokenized securities. He said the work involving ARK and Securitize does not require such an exemption. The filing is a standard amendment to an existing November 2025 order that already permits ARK Venture Fund to issue multiple share classes. Andy said the SEC’s planned innovation exemption is broader and would have a much larger impact on the tokenized securities issuance market, adding that he still expects it to be released within a week of the CLARITY Act vote. ARK Venture Fund and ARK Investment Management LLC have submitted a second amended exemption application proposing an Exchange Class that can be listed on a national securities exchange and a Tokenized Class recorded via distributed ledger and tradable on venues such as registered alternative trading systems.