Overview

• SEC Commissioner Hester Peirce urged tokenization projects to “come talk to us,” noting the key regulatory question is how blockchain-based versions of a security interact with traditional forms.
• Multiple outlets report the SEC is developing a proposal to permit blockchain-registered equities to trade on approved crypto venues, though no rule has been finalized.
• SEC Chair Paul Atkins has called tokenization an innovation the agency should promote, signaling a broader shift toward engagement and rulemaking.
• Industry moves are accelerating, with Nasdaq seeking a rule change to list tokenized securities, Coinbase pursuing clearance for tokenized equities, and Robinhood and Kraken rolling out stock-token products.
• On-chain tokenization totals about $31 billion, including roughly $714 million in tokenized stocks, with McKinsey projecting up to $2 trillion by 2030 as firms like Citadel Securities press for safeguards to prevent regulatory arbitrage.