News, data and analysis on tokenized assets, market design and digital economic systems.
The federal securities regulator created in 1934, which stated on 28 January 2026 that the format in which a security is issued and the method by which holders are recorded do not change how the federal securities laws apply.
Federal securities regulator created in 1934, with a statutory mission to protect investors, maintain fair and orderly markets and facilitate capital formation; it oversees more than 28,000 registered entities and monitors over $100tn of annual equity trading. Its Division of Corporation Finance stated on 28 January 2026 that the format in which a security is issued and the method by which holders are recorded do not change the application of the federal securities laws, and separated three arrangements that are often conflated: an issuer tokenising its own securities so the chain replaces the master securityholder file, a third party issuing crypto assets representing security entitlements in securities it custodies, and a third party issuing its own instrument giving synthetic exposure to a referenced security. That taxonomy matters because only the first leaves the holder with a direct claim on the issuer, while the second and third add the intermediary's insolvency to the risks priced into the token. Chairman Paul Atkins' statement of 7 July 2026 on the regulatory agenda commits the Commission to rules on capital raising with crypto assets and on the custody and trading of tokenized securities onchain.
Developments in which US Securities and Exchange Commission is a named party, newest first.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities. JPMorgan, BlackRock and Goldman Sachs are among more than 50 participating firms, with full…
The Senate Banking Committee released its version of the CLARITY Act on 11 May 2026 and advanced the crypto market structure bill out of committee that month. A further revision…
The Securities and Exchange Commission approved a Nasdaq rule change on 18 March 2026 allowing certain tokenized securities to trade on the exchange, alongside an interpretation…
The SEC approved a Nasdaq proposed rule change, as modified by Amendment No. 2, permitting securities to trade on the exchange in tokenized form through DTC's tokenization pilot, in Release 34-105047. Eligible participants may set a tokenization flag on orders in Russell 1000 constituents and large index ETFs; tokenized and conventional shares trade on the same order book with the same priority provided they remain fungible and share the same CUSIP and symbol.
Staff in the SEC's Division of Trading and Markets told The Depository Trust Company that they would not recommend enforcement action over the preliminary base version of DTCC Tokenization Services, under which participants may elect to have their security entitlements to DTC-held securities recorded on a distributed ledger rather than only on DTC's centralised ledger. The relief covers Regulation SCI, the section 19(b) rule filing requirement and parts of Rules 17ad-22(e) and 17ad-25, expires three years after launch and is conditioned on 16 representations.
The Securities and Exchange Commission approved rule changes allowing eight spot ether exchange-traded products to list on NYSE Arca, Nasdaq and Cboe BZX. The order relied on the Commission's own analysis of correlation between CME ether futures and Coinbase spot prices from October 2021 to March 2024, which it put at no less than 96.2% at hourly intervals, 85.7% at five-minute intervals and 67.1% at one-minute intervals.
The Securities and Exchange Commission approved the listing and trading of spot bitcoin exchange-traded product shares, having previously rejected such applications. The chair's statement attributed the change to the D.C. Circuit's decision vacating the Commission's denial of Grayscale's proposed conversion.
The Securities and Exchange Commission charged Terraform Labs PTE Ltd and its founder Do Hyeong Kwon with securities fraud in connection with the algorithmic stablecoin TerraUSD and the LUNA token. The complaint stated that UST depegged from the dollar in May 2022 and that the price of UST and its sister tokens fell to close to zero.
The summary prospectus for the Franklin OnChain U.S. Government Money Fund, dated 6 April 2021, stated that ownership of the fund's shares "will also be recorded on the Stellar network's blockchain", with the transfer agent's book-entry record remaining determinative in any conflict. It made a registered US money market fund, rather than a token referencing one, the vehicle through which investors held a blockchain record of fund shares.
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