SEC reaffirms tokenized stocks must follow existing securities laws

ambcryptoPubblicato 2026-01-30Pubblicato ultima volta 2026-01-30

Introduzione

The U.S. SEC reaffirmed that tokenized stocks must comply with existing federal securities laws, regardless of whether they are issued on-chain or off-chain. The regulator emphasized that all securities must be registered unless an exemption applies. Tokenized stocks fall into two categories: issuer-sponsored and third-party sponsored, each offering different rights and protections. Wall Street firms, including Citadel and JPMorgan, opposed broad exemptions for DeFi platforms handling tokenized securities, warning that such exemptions could undermine investor protection and cause market disruptions. They called for DeFi platforms to be regulated similarly to traditional financial institutions. Despite opposition from traditional finance, the DeFi sector has seen significant growth, with nearly 300,000 holders and total traded value approaching $1 billion. The industry continues to advocate for certain exemptions, and the final regulatory framework may reflect a compromise between these opposing views.

The U.S. regulator, the Securities and Exchange Commission (SEC), has reiterated that tokenized securities are still securities and fall under federal securities law.

In a recent statement, the regulator clarified that whether a stock is issued off-chain or on-chain, it must still comply with the relevant laws.

“Regardless of its format, the Securities Act requires that every offer and sale of a security must be registered with the Commission unless an exemption from registration is available.”

The guidance further reiterated,

“Similarly, stock is an ‘equity security’ under the Securities Act and the Exchange Act regardless of its format.”

According to the watchdog, tokenized stocks fall into two categories. The first is issuer-sponsored, which transfers rights and protections to the holder, while the second is third-party sponsored on-chain stocks that offer varied ownership rights and protections.

Securitize, one of the issuers of tokenized securities, welcomed the move, stating that it is crucial for ‘scaling’ the sector.

“Clear frameworks like this are key to responsibly scaling tokenization.”

Wall Street opposes DeFi exemptions

The statement followed the recent meeting between the regulator and Wall Street firms on how to treat tokenized securities under the current legal regime.

According to an SEC memo, representatives from Citadel, JPMorgan Chase & Co., Cahill Gordon & Reindel, Securities Industry and Financial Markets Association (SIFMA), pressed against broad exemptions for on-chain stocks.

Referencing the October flash crash and Stream Finance collapse, the TradFi group warned,

“Broad exemptions for tokenized trading activities could undermine investor protection and lead to market disruptions.”

In fact, in a December letter, Citadel Securities called for similar regulation of DeFi platforms handling tokenized securities like their traditional counterparts.

The DeFi complex has been pushing for legal exemptions, claiming their platforms are disintermediated to warrant the legal responsibility.

In a recent meeting, SIFMA and its TradFi members pushed for a new classification of tokenized securities to enable more effective regulation.

The latest SEC statement reflects some of the concerns they raised. However, it does not address broader DeFi operations. This omission may be because issues related to tokenized securities are still under discussion within the CLARITY Act.

Tokenized stocks eye $1 billion

Even so, the collective DeFi players called Citadel Securities’ push and argument ‘bassless’ and ‘flawed.’

The industry may likely advocate for DeFi exemptions of some sort in the bill. It remains to be seen whether the final framework for tokenized securities will be a compromise between these two camps.

The sector has gained strong traction, with tokenized securities holders edging close to 300K users, representing a 100% growth in January alone. Additionally, the total value of traded on-chain stocks is teetering toward the $1 billion mark.

Final Thoughts

  • The U.S. SEC clarified that tokenized securities still fall under the current federal securities law
  • Wall Street pressed against a broad DeFi exemption in tokenized securities trading.

Domande pertinenti

QWhat did the SEC reaffirm regarding tokenized stocks and existing securities laws?

AThe SEC reaffirmed that tokenized securities are still securities and must comply with existing federal securities laws, regardless of whether they are issued off-chain or on-chain.

QWhat are the two categories of tokenized stocks mentioned by the SEC?

AThe two categories are issuer-sponsored tokenized stocks, which transfer rights and protections to the holder, and third-party sponsored on-chain stocks, which offer varied ownership rights and protections.

QWhy did Wall Street firms oppose broad exemptions for tokenized securities trading?

AWall Street firms opposed broad exemptions because they believe it could undermine investor protection and lead to market disruptions, as evidenced by events like the October flash crash and Stream Finance collapse.

QWhat was the DeFi industry's response to Citadel Securities' call for similar regulation?

AThe DeFi industry called Citadel Securities' push and argument 'baseless' and 'flawed,' and they are likely to advocate for some form of DeFi exemptions in the bill.

QWhat growth metrics were highlighted for the tokenized securities sector in January?

AIn January alone, the number of tokenized securities holders grew by 100%, reaching nearly 300,000 users, and the total value of traded on-chain stocks is approaching the $1 billion mark.

Letture associate

The Impossible Trilemma Is Basically a Pseudo-Problem

The article argues that the core limitation of blockchain technology is not the scalability trilemma, but its fundamental lack of privacy, which acts as a barrier to institutional capital. It defines blockchain as a slow, expensive, shared computer whose primary value is "permissionlessness" (no administrator) and verifiable trust. While this is ideal for native financial assets like stable币, which now process trillions, two critical flaws remain for mainstream adoption: regulatory legitimacy and a default transparency that leaks all financial activity. The author contends that transparency is not a feature but a tax, quantified through MEV extraction, making the public ledger unusable for serious institutions. However, modern cryptography, specifically zero-knowledge proofs, now offers a solution: "provable privacy." This allows users to prove compliance (e.g., solvency, KYC) without revealing underlying data. This fusion of privacy and auditability resolves the transparency-compliant privacy-compliance dichotomy, enabling a purely upgraded system where transactions are verified but not broadcasted. Closing these flaws is presented as the essential bridge to onboard the next wave of trillions in capital.

marsbit6 h fa

The Impossible Trilemma Is Basically a Pseudo-Problem

marsbit6 h fa

The "Impossible Triad" Is Fundamentally a Pseudo-Problem

The article argues that blockchain's fundamental limitation is not the scalability trilemma (decentralization, scalability, security), which has been largely solved, but the lack of **privacy** and, until recently, clear **legitimacy**. Blockchain is described as a slow, expensive, globally shared computer whose core value is censorship resistance and verifiability. While ideal for native digital assets like money (e.g., stablecoins), its default transparency acts as a **tax**, exposing all transactions and enabling MEV extraction, which deters serious institutional capital. Simultaneously, its permissionless nature created regulatory ambiguity. The piece contends that **privacy** is the missing critical feature. It rejects the false choice between total transparency and complete anonymity. Modern cryptography (like zero-knowledge proofs) enables **compliant privacy**: users can prove facts (solvency, KYC status, compliance) without revealing the underlying sensitive data (specific holdings, identities). This preserves auditability for regulators and eliminates the leak of financial information. With recent regulatory progress (e.g., the GENIUS Act) addressing legitimacy, adding default, provably compliant privacy becomes a pure upgrade. It transforms blockchain from a costly, public ledger into a confidential settlement layer, finally bridging the gap to mainstream institutional and individual adoption of on-chain finance.

链捕手6 h fa

The "Impossible Triad" Is Fundamentally a Pseudo-Problem

链捕手6 h fa

Optical Chips: Collective Capacity Expansion

The global optical chip industry is experiencing a massive wave of expansion driven by surging AI data center demand. Major players across the US, Japan, Europe, and China are aggressively investing to ramp up production capacity. In the US, Coherent is expanding its 6-inch Indium Phosphide (InP) semiconductor fab in Texas, supported by CHIPS Act funding and a $2 billion strategic investment from NVIDIA. Lumentum is building a new factory for InP optical devices, and Nokia is scaling its advanced photonic chip packaging and testing capabilities. NVIDIA's investments aim to secure future supply of critical lasers and optical interconnect products for AI infrastructure. Japan's JX Advanced Metals, a leading InP substrate supplier, plans a multi-billion yen investment to increase its capacity 7-10 times, strengthening its grip on the crucial upstream materials market. In Europe, IQE and Tower Semiconductor settled a patent dispute and signed a multi-year InP epitaxial wafer supply agreement, highlighting that next-generation silicon photonics platforms will integrate high-performance InP components. STMicroelectronics and Sivers Semiconductors are also expanding silicon photonics production and partnerships. China is rapidly building out its domestic supply chain. Dongshan Precision's subsidiary, Source Photonics, announced a $12 billion project to expand optical chip and module production. Companies like Sanan Optoelectronics and Yunnan Germanium are scaling up InP chip manufacturing and substrate production, moving towards vertical integration from materials to modules. While debate continues around the exact future architecture—whether CPO (Co-Packaged Optics), NPO, or pluggables will dominate—analysts like Morgan Stanley argue the underlying driver is unchangeable: the explosive growth in bandwidth demand. This will inevitably increase the volume of optical engines, lasers, and related content per GPU, regardless of the final technical path. The competition for "more light" in the AI era has intensified into a global, full-chain capacity race.

marsbit9 h fa

Optical Chips: Collective Capacity Expansion

marsbit9 h fa

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

Stablecoin Real Yield Found: A Deep Dive into On-Chain Reinsurance with Re's Karan Saroya As stablecoin supply exceeds $170 billion, the search for sustainable, non-speculative yield intensifies. Re, an on-chain reinsurance platform, provides an answer: connecting stablecoin capital to the trillion-dollar traditional reinsurance market. Re operates as a regulated reinsurer, accepting stablecoin deposits as collateral to back US insurance companies. These insurers pay premiums, generating yield that flows back to on-chain depositors. Currently supporting 35 insurers and underwriting $500 million, Re projects scaling to over $1 billion soon. Key insights from a Bankless podcast with founder Karan Saroya and investor Avichal of Electric Capital: 1. **Uncorrelated, Real-World Yield:** Re offers stablecoin holders access to reinsurance returns (targeting 12-14%+), an asset class entirely separate from crypto or equity markets. 2. **Operational Efficiency via Smart Contracts:** Re replaces traditional, labor-intensive capital fundraising with smart contracts, allowing a ~12-person team to compete with industry giants. 3. **Regulatory Leverage:** For every $1 of collateral, regulations allow backing $5-7 in written premiums. This leverage amplifies returns from the underlying risk-free rate. 4. **DeFi Integration:** Depositors receive receipt tokens, which can be used in protocols like Morpho for "looping," potentially pushing yields to 18-20%+. 5. **The "DeFi Mullet" Model:** A compliant front-end (regulated reinsurer) paired with a decentralized back-end (smart contracts, DeFi capital markets). 6. **RE Governance Token:** Modeled on Lloyd's of London, the token governs the central capital pool's allocation, counterparty acceptance, and parameters. 7. **Real Economic Impact:** Capital funds real-world productivity (factories, clinics, businesses) via insurance, moving beyond crypto's internal loops. The discussion highlights a pivotal moment: DeFi's supply-side infrastructure is now met by real demand for productive yield, potentially kickstarting a flywheel where vast on-chain stablecoin capital seeks these real-world returns.

链捕手10 h fa

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

链捕手10 h fa

1996 or 1999? Walsh's First Test is 'How to View AI'

"1996 or 1999? Wall's First Big Test Is 'How to View AI'" Federal Reserve Chairman Wall's initial challenge is not whether to raise or cut rates, but a more fundamental judgment: what kind of boom is the current AI boom? This will determine the Fed's policy path and define his legacy. Economics is split between two opposing views, according to reporter Nick Timiraos. One sees imminent productivity gains that will increase supply and cool inflation, allowing the Fed to hold steady. The other argues that while productivity benefits are distant, demand shocks are here now, and waiting for data confirmation risks missing the intervention window, forcing sharper rate hikes later. Wall has signaled a leaning toward the first view, echoing 1996-era Alan Greenspan, who embraced strong, productivity-driven growth without fear of inflation. However, Wall faces a different macro environment than Greenspan did, with tariff pressures, expanding fiscal deficits, and diminishing globalization benefits, which could force more significant inflation pressures even if AI benefits materialize. Wall's logic, expressed before taking office, is that AI-driven productivity gains won't show in official data for years. If the Fed waits for confirmation, it might mistakenly tighten policy and choke off the very growth that could suppress inflation. This argues for using forward-looking narratives over lagging data. Chicago Fed President Austan Goolsbee presents a key counter-argument. He distinguishes between expected and unexpected productivity booms. A widely anticipated boom, like the current AI wave, can cause people to spend future wealth gains in advance, overheating the economy before productivity actually rises, thus requiring preemptive rate hikes. He cites rising costs for AI data centers as evidence of such overheating. Fed Governor Christopher Waller offers a rebuttal to Goolsbee, noting the "expected spending" mechanism only works if people can borrow against future income, which many households cannot do due to borrowing constraints. Wall also faces a paradox related to his desire to reduce the Fed's use of "forward guidance" (pre-announcing policy moves). This practice was established in 1999 when Greenspan began signaling hikes to avoid market shocks. If the economy follows a less optimistic path, Wall may be forced to choose between using the guidance he wants to abolish or risking market volatility by staying silent. The ultimate question defining Wall's first major test remains: Is this 1996 or 1999?

marsbit11 h fa

1996 or 1999? Walsh's First Test is 'How to View AI'

marsbit11 h fa

Trading

Spot
Futures
活动图片