U.S. Tokenized Securities Market Map

A dedicated crypto team led by Commissioner Hester Peirce. It becomes the starting point for the rulemaking that follows.

H.R.3633, which sets the market structure for digital assets, passed the House 294–134, with more than 70 Democrats voting in favour.

In a speech at the America First Policy Institute he directed staff to write clear rules for issuing, holding and trading crypto assets, using interpretive and exemptive powers so that old rules do not block innovation.

In “The SEC’s Approach to Digital Assets: Inside Project Crypto” he restated how the rulemaking would proceed.

SEC Trading and Markets staff published a view on “physical possession” of crypto asset securities. It is not new law.

It distinguishes issuer-sponsored from third-party-sponsored tokens and sets out how custodial and synthetic rights differ. This is the basis for the classification used on this site.

A Commission interpretation of how the federal securities laws apply to certain crypto assets and transactions. Effective 23 March 2026.

Senator Lummis released a Senate text merging the work of the Banking and Agriculture Committees, aiming to consolidate it ahead of floor debate.

The SEC proposed modernising the transfer agent rules for the first time in about 40 years (Release 34-106246), expressly addressing electronic records, blockchain and uncertificated securities. It is still only a proposal.

The procedural vote needed to move the bill forward (60 votes) failed, leaving the bill stalled for now. Two days later the SEC issued its exemptive order.

An order under the Investment Company Act of 1940 (Release No. 36333). It lets the funds offer an exchange-listed class and a class of tokenized shares that may trade on ATSs or be quoted on other quotation mediums. It is addressed to the applicant, not a market-wide rule.

In the Project Crypto speech he said an exemptive framework was under consideration, to let registered and unregistered firms bring new business models to market quickly — fourteen months before the order was issued.

Speaking at the Economic Club of Washington D.C., he said the SEC was close to a “cabined framework” that would let market participants begin trading tokenised securities while permanent rules were being put in place.

Under Exchange Act §36(a)(1) it grants a five-year exemption to qualifying TSVs and certain liquidity providers. It is not permanent rulemaking, and no new issuance or IPOs are permitted on a TSV.

The SEC approved SR-NASDAQ-2025-072 (Release 34-105047). It requires the same CUSIP, ticker and rights, and settlement stays at T+1. Scope is Russell 1000 constituents and major index ETFs. Launch follows once DTC is ready.

A rule filing enabling tokenized-form trading during the DTC Pilot (Release 34-105260). It starts once DTC is ready, with a Trader Update required 30 days before launch.

24X also filed an immediately effective rule change to support tokenised-form trading during the DTC Pilot (Release 34-105697).

SEC staff said they would not recommend enforcement against DTC Tokenization Services under stated conditions. A three-year pilot.

A partnership to tokenise DTC-held U.S. Treasuries, as part of a multi-chain strategy.

A limited set of production trades using DTC-held assets completed successfully. DTCC plans to launch the service in October 2026.

A new venue promising 24/7 operation, stablecoin funding and instant on-chain settlement. It presupposes regulatory approval.

It set out publicly a design combining the Pillar matching engine with blockchain-based post-trade processing.

A memorandum of understanding on design collaboration for tokenised securities. Securitize takes part as design partner, transfer agent and broker-dealer.

tZERO signed an MOU as premier design partner for the ICE/NYSE Digital Trading Platform, including patent licensing and an investment by ICE.

Nasdaq-listed Galaxy (GLXY) tokenised its own public shares on Solana. Superstate, an SEC-registered transfer agent, records legal ownership on-chain as tokens move. SharpLink adopted the same approach.

tZERO, which runs trading infrastructure for tokenised securities, is preparing a 2026 IPO. It has raised about $200m, with ICE (the parent of NYSE) among its investors, and is weighing a pre-IPO round. It has over 50 staff and is not yet profitable.

The proposal converts one TZROP into three tokenised Series B preferred shares. Series B converts into common stock on an IPO or public listing, giving holders a frictionless route to take part. It needs majority approval from TZROP holders, Series B holders and common shareholders.

A tie-up with the world’s largest transfer agent to build a route for U.S. listed companies to issue issuer-sponsored tokens.

A route for listed companies to raise money by issuing securities on-chain — either a tokenised version of existing SEC-registered shares or a new class. The first issuance is planned for some time in 2026.

It filed in the District of Delaware seeking a declaration that its products do not infringe tZERO’s patents (1:26-cv-00722-GBW). Securitize is the plaintiff.

It explained that it would serve U.S. customers through a registered broker-dealer structure, positioning dShares as a secondary ledger of actual ownership of the underlying security.

The third-largest transfer agent selected Securitize as its preferred tokenisation provider.

It listed on the NYSE (SECZ) following a SPAC merger and tokenised its own shares on the same day, demonstrating the issuer-sponsored model on itself.

Custodial tokens on BlackRock’s IVV (an S&P 500 ETF) and Micron shares, offered to U.S. investors. They are issued by an SEC-registered transfer agent and backed one-for-one.

Superstate disclosed that tokenised public shares FWDI (Forward Industries) and the USCC fund are being used as more than $17m of collateral on Kamino on Solana — a concrete case of tokenised equity starting to work as collateral.

In the same case it filed an answer and counterclaims, alleging infringement of several patents.

Holders of tokenised shares would be able to vote and read disclosure documents through the existing ProxyVote.com. Dinari, Ondo and others take part. It addresses a weakness of the third-party model.

Revenue of $14.43m, down 5% year on year, disclosed as two pillars: tokenisation revenue of $7.84m (−12%) and asset servicing revenue of $6.60m (+3%).

It filed an opposition (Doc 27) to Securitize’s motion to dismiss the counterclaims, quoting Securitize’s own S-1 praise of its technology and arguing this contradicts its position in court. The court has not ruled.

A closed-end interval fund goes on-chain. Its holdings include OpenAI, Anthropic, Stripe and Databricks. It launches on Ethereum, with Securitize providing issuance and the investor experience. ARK had disclosed an investment in Securitize in October 2025. Note that the announcement’s own disclosure says the fund’s shares are not listed on an exchange, that no secondary market is expected to develop, and that liquidity is limited to periodic repurchase offers. Tokenised does not mean tradable whenever you like.

Reforms to bring spot digital asset contracts under CFTC oversight, running alongside the SEC’s Project Crypto.

Staff at both agencies issued a joint statement covering Project Crypto and the Crypto Sprint.

The first spot crypto products to be handled on a federally registered futures exchange. The leveraged spot product lists on Bitnomial Exchange. This concerns crypto assets, not equities.

At a White House meeting President Trump said the CFTC chair was working to bring Hyperliquid under U.S. regulation. This does not mean anything has been approved; it reports a matter under consideration.

A rulemaking item on crypto asset trading and markets went to OIRA (RIN 3038-AF80). It is at the pre-rule stage; the actual proposal and its scope have not been published.

Coinbase was reported to have filed for perpetual futures on 50–60 large-cap stocks, aiming to launch within the year. Kalshi has also filed. Neither is approved. These track share prices but carry no shareholder rights.