SEC Says Tokenized Assets Are Securities First, Technology Second
The SEC said Wednesday blockchain-based recordkeeping does not alter investor protections, while leaving unresolved how crypto-native products fit into existing law.
The U.S. SEC says tokenized assets like stocks and bonds are still securities, even if they are issued or recorded on a blockchain.
Using blockchain technology does not change legal obligations or investor protections.
Tokenized securities must follow the same U.S. securities laws as traditional ones, including registration and disclosure requirements.
The SEC also said companies can offer tokenized and traditional shares together if they represent the same rights.
However, the agency did not clarify whether crypto-native assets or staking programs are securities, leaving a key regulatory question unresolved.