SEC Explores Tokenized Securities Trading Exemption, Crypto Regulatory Strategy Gradually Implemented

The U.S. Securities and Exchange Commission (SEC) is разрабатывает ограниченное исключение aimed at enabling controlled trading of tokenized securities. This move clearly indicates that the agency is transitioning from theoretical engagement with blockchain-based finance to concrete regulatory adaptation. This proposed exemption is formulated based on the recommendations of the SEC Investor Advisory Committee. The committee urged the agency to abandon comprehensive, blanket exemptions in favor of targeted, gradual reforms, each requiring public consultation before taking effect. The scheme outlined by Peirce would subject transactions to strict trading volume caps and restrictions on the number and types of securities allowed. The exemption may only apply to issuers using professional transfer agents to whitelist token holders, thereby preserving oversight of participants. All exemptions are expected to be temporary, structured as controlled experiments to assess market impact before the agency commits to any permanent rule changes. SEC Chairman Paul Atkins expressed support for the initiative at the same Investor Advisory Committee meeting, stating that the committee expects to discuss these exemptions soon to establish a long-term regulatory timeline. Peirce's Emphasis Beyond This Exemption

The tokenized securities exemption is part of a broader adjustment publicly described by Peirce. Regarding information disclosure, she argues that excessive mandatory filing requirements may obscure rather than clarify information for investors, pointing to simplifying reporting obligations for public companies. A more structurally significant observation concerns intermediaries. Peirce emphasized that tokenization could ultimately eliminate the need for traditional brokers and clearing agencies altogether, a development that would challenge the SEC's rulebook, which is built on the assumption of multiple layers of intermediaries at each stage of securities trading. A regulatory framework that assumes the existence of brokers, custodians, and clearing agencies between buyers and sellers does not fully apply to permissionless blockchains where settlement can be atomic and direct. The agency is acknowledging this gap rather than pretending it doesn't exist. Bitcoin Returns to $72,000, Exchange Reserves Fall to Lowest Level Since 2020 Its Place in Washington's Broader Crypto Agenda

The practical effect is that the SEC is advancing regulatory adaptation through its own rulemaking and exemption procedures, even as the legislative framework defining its jurisdiction remains incomplete. This sequence is not ideal for anyone seeking legal certainty, but it reflects the reality that the agency can act on exemptions and guidance without waiting for Congress, and the current committee under Atkins' leadership appears willing to use this power. The Intermediary Issue Is a Long-Term Problem Peirce's point about intermediaries is more noteworthy than it appears on the surface.