The capital market over in the United States took a huge step forward on Wednesday (28). That was when three areas of the SEC — which is like their CVM — released a definitive guide validating the so-called taxonomy for tokenized securities.
This document was received as a big “green light” for innovation. It brings order to the house and clearly shows how companies can use blockchain not just as a test, but as an official basis for keeping records of shareholders and ownership.
A train that caught attention was the recognition of the 'Issuer-Sponsored' modality. The SEC made it clear that companies can integrate distributed ledger technology (DLT) directly into their systems.
In practice, this means that the blockchain becomes the company's 'master file'. Thus, when a token is transferred on the network, it is not just for show: it is the legal and definitive transfer of the share.
The regulator emphasized that, if used this way, the tokenized asset has the same legal weight as a traditional share. In other words, it eliminates those doubts that hindered the entry of large investors.
Clarity for Synthetic and Custody Products
The guide also brought new developments for the secondary market and for products created by third parties. It divided into two categories, which facilitates the creation of new financial instruments:
- Custody Tokens: when a third party holds the physical asset and issues a token that represents it (similar to ADR or BDR, but on blockchain).
- Synthetic Tokens: assets that provide exposure to the price of stocks or bonds without direct ownership, like 'bond-based swaps'.
With this division, the SEC removed these products from the so-called 'gray area' and provided a clear path for brokers and fintechs to operate within the law. This opens up space for more options for large and institutional investors.
The basis of this new interpretation is linked to the Stablecoin Law of 2025, which had already made a good adjustment to the crypto scenario in the eyes of the authorities.