Why Are Tier-1 Exchanges Being Strict With RWA Listings?

Has anyone noticed how much stricter Tier-1 exchanges have become with RWA projects recently? Since the 2026 Clarity Act updates, they seem to require full legal structuring, SPV documentation, and detailed audit readiness before reviewing applications. A few teams mentioned that they worked directly with the Security Tokenizer team, who handled documentation, exchange coordination, and audit preparation end-to-end. Curious if others are facing similar compliance challenges with RWA listings this year?