Investor enthusiasm for tokenized assets is climbing, but regulators are signaling that compliance—not just innovation—will define the market’s next phase. U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated on July 9 that blockchain-based tokenization does not excuse market participants from federal securities laws. She emphasized:

Tokenized securities are still securities. Accordingly, market participants must consider—and adhere to—the federal securities laws when transacting in these instruments.

While tokenization may enhance capital formation and unlock new financial models, Peirce stressed that the technology does not redefine the legal status of the assets it represents. “As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” she opined.

Participants across the financial sector are exploring different tokenization strategies. Some companies tokenize their own shares; others, such as custodians, tokenize entitlements or issue instruments backed by assets held in custody. These approaches carry distinct legal and operational risks, including counterparty exposure and regulatory ambiguity.

Peirce urged careful analysis of how tokens are structured:

Market participants who distribute, purchase, and trade tokenized securities also should consider the nature of these securities and the resulting securities laws implications.

Some token structures, she noted, may qualify as security-based swaps or synthetic instruments, which could be prohibited from trading on certain platforms—especially for retail investors.

Despite the caution, Peirce expressed openness to adapting outdated regulatory frameworks. She encouraged firms to engage with the SEC if they believe current rules do not reflect the realities of blockchain-enabled markets. The Commission, she said, is willing to evaluate exemptions or updates when technology presents unique features. Still, Peirce’s central message held firm: technology may evolve, but the legal foundations of U.S. securities markets remain in place.

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