# Securities Articoli collegati

a16z: After Securities Go On-Chain, Intermediaries Will Be Replaced by Code

a16z and the DeFi Education Fund proposed a "Software Safe Harbor" framework to the SEC, aiming to exempt certain non-custodial, disintermediated blockchain applications from traditional broker-dealer regulations. The Securities Exchange Act of 1934. The proposal argues that such applications—acting as neutral software interfaces without asset control, trade execution, or investment advice—should not be subject to existing intermediary-focused rules. Former SEC Chief Economist Craig Lewis provided an economic analysis, highlighting potential benefits: atomic settlement (reducing counterparty risk), on-chain transparency, 24/7 trading, lower operational costs (e.g., 40-60% reduction in bond tokenization), and increased competition. Potential costs include reduced investor protection (e.g., inability to freeze assets), regulatory arbitrage, market fragmentation, and retail transaction risks (e.g., gas fees). Lewis emphasizes comparing these to existing opaque, costly traditional systems. The analysis concludes that the safe harbor could unlock significant economic value by enabling peer-to-peer trading of tokenized securities, aligning with the SEC’s Project Crypto initiative to modernize markets through blockchain technology.

marsbit04/08 09:16

IMF Flags Financial Stability Risks Amid Growing Tokenization Boom

The IMF acknowledges that tokenization can increase transparency and reduce friction in finance but also warns it poses significant risks to financial stability. While atomic settlement and automation may reduce some traditional risks, they introduce new ones, making the overall impact uncertain. The tokenized asset market, currently valued at over $27.6 billion (excluding stablecoins), is projected to reach between $2 trillion and $16 trillion by 2030. The IMF report highlights both positive effects, such as faster cross-border payments and greater financial inclusion, and negative consequences, including increased capital flow volatility and threats to monetary sovereignty. It cautions that risks are shifting from banks to shared ledgers and smart contracts. Major institutions like BlackRock and the Intercontinental Exchange are advancing in tokenization, but the IMF warns that without legal clarity on ownership and settlement, these markets risk becoming fragmented and insignificant.

TheNewsCrypto04/03 10:38

Cardano Founder Blasts Ripple For Playing Dirty With New CLARITY Act, Here’s What He Said

Cardano founder Charles Hoskinson has launched a direct attack against Ripple and its CEO Brad Garlinghouse, accusing them of engineering the CLARITY Act to shield Ripple’s interests while harming the broader crypto ecosystem. Hoskinson claims the bill, in its current form, would classify most digital assets as securities by default, forcing projects into a difficult regulatory process. He warns this could expose open-source developers to legal risks and remove protections for DeFi builders. He also criticized the XRP community, alleging years of propaganda have eroded critical thinking. Hoskinson has consistently opposed the bill, suggesting it unfairly benefits XRP. The probability of the CLARITY Act being signed into law has fallen to 51%, down from 78% in early March.

bitcoinist04/01 07:33

Charles Hoskinson Blasts Ripple For Backing Bill That Could Crush Competition

Cardano founder Charles Hoskinson has sharply criticized Ripple and its CEO Brad Garlinghouse for supporting proposed U.S. legislation that would classify most new tokens as securities by default. Hoskinson argues this approach would harm competition, protect established players like Ripple through exemptions, and remove legal protections for DeFi and open-source developers. He warns the bill replicates the SEC’s aggressive regulatory stance and could expose software creators to unreasonable liability. Hoskinson also addressed the XRP community, clarifying that his criticism targets Ripple’s lobbying—not the token itself—and contrasted Ripple’s “mammoth premine” with Cardano’s more distributed token distribution.

bitcoinist03/31 06:02

Why Morgan Stanley sees tokenized securities as a ‘natural path’ from H2 2026

Morgan Stanley plans to support tokenized securities trading in its Trajectory Cross dark pool starting H2 2026, viewing it as a natural evolution from its existing infrastructure for traditional equities, ETFs, and ADRs. The move is part of a broader institutional push into tokenization, with major exchanges like NYSE and Nasdaq also developing similar capabilities. Tokenized assets have demonstrated significant growth, surging 245% year-over-year, highlighting rapid adoption. As one of the largest wealth managers overseeing $8.2 trillion in assets, Morgan Stanley has been expanding its crypto offerings, including allowing advisors to recommend spot BTC and ETH ETFs to all clients. The bank has also applied for its own spot Bitcoin ETF, further cementing its commitment to digital assets.

ambcrypto03/25 20:35

‘Clarity once and for all’ – White House reviews SEC’s new crypto framework

The U.S. SEC is shifting its approach to crypto regulation by moving away from enforcement actions toward creating clear rules. On March 20, it submitted two proposals to the White House, one aimed at classifying digital assets to determine which should be considered securities. If approved, many cryptocurrencies may no longer be classified as securities, reducing regulatory confusion. An "innovation exemption" may ease compliance for crypto firms, encouraging innovation in the U.S. The CFTC chair emphasized the need for clarity. The SEC-CFTC collaboration suggests most digital assets should not be automatically treated as securities. Despite recent market gains, investor sentiment remains fearful. The new framework seeks to balance oversight and growth while awaiting potential congressional legislation.

ambcrypto03/24 15:08

Ondo Finance Expands Tokenized Securities Offering With BlackRock IBIT and Galaxy Digital

Ondo Finance has expanded its tokenized securities platform by adding over 60 new stocks and ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT) and Galaxy Digital’s stock. The platform now supports more than 250 tokenized assets on blockchains like Ethereum and Solana. This expansion reflects growing institutional demand for tokenized real-world assets, with Ondo currently managing $2.6 billion in tokenized treasuries and equities. The move aims to bridge traditional and decentralized finance by improving accessibility, efficiency, and regulatory compliance. Tokenization enables near-instant, 24/7 trading, highlighting the increasing convergence of traditional finance and blockchain technology.

TheNewsCrypto03/20 12:51

SEC’s Atkins Charts New Course For Crypto Regulation In Latest Shift Toward Clarity

SEC Chair Paul Atkins announced a shift in the agency's approach to crypto regulation, moving away from enforcement-driven actions toward clearer, more constructive rules. He criticized the previous strategy for creating uncertainty and driving innovation offshore. The SEC and CFTC jointly issued interpretive guidance clarifying that crypto assets should not be treated as securities and identified four exempt categories: digital commodities, tools, collectibles (like NFTs), and stablecoins. Atkins also disclosed plans for a "startup exemption" and an upcoming safe harbor proposal to allow limited experimentation without full SEC compliance. The new guidance aims to provide regulatory clarity and keep crypto innovation within the U.S.

bitcoinist03/20 11:05

SEC Chairman Explains Why NFTs Are Not Securities: 'Like Buying Trading Cards'

SEC Chairman Paul Atkins explained in a CNBC interview why NFTs are generally not considered securities, comparing them to collectibles like baseball cards. The SEC recently issued guidance identifying four categories of digital assets not classified as securities: digital commodities, digital tools, digital collectibles (including NFTs), and stablecoins. Atkins emphasized that NFTs are typically "bought and held" assets rather than investment contracts, which are central to the definition of a security. He noted that each asset is evaluated based on its specific facts and circumstances, but digital collectibles are generally viewed as immutable purchases not intended for trading like traditional securities. This reflects a broader shift in the SEC’s approach under Atkins’ leadership, moving away from enforcement-driven regulation toward clearer guidance and a more predictable framework. The change aligns with the Trump administration's crypto-friendly stance, with Atkins criticizing past regulatory missteps that he believes set the U.S. back in crypto innovation.

marsbit03/19 08:47

SEC and CFTC Jointly "Approve": A New Era of Regulation from "How to Regulate" to "What to Regulate"

比推03/18 12:11