U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, speaking at the Crypto Task Force’s fourth roundtable in Washington D.C. on May 12, addressed the challenges and opportunities presented by the tokenization of traditional financial assets. Peirce, who leads the task force, said in her opening remarks that blockchain innovations fall within the SEC’s jurisdiction when used in traditional markets. She opined:

Tokenization fits squarely within the Commission’s jurisdiction because it involves formatting traditional financial assets, like stocks and bonds, as crypto assets (or ‘tokens’) on a crypto network.

She described tokenization as the next step in the evolution of financial infrastructure, likening the transformation to how earlier internet protocols enabled new networks for information and communication. Smart contracts—automated programs on blockchain platforms—are at the center of this transformation, enabling rules-based functionality for securities. These protocols can automate dividends, schedule asset transfers, and integrate into decentralized finance (DeFi) systems, making tokenized assets more accessible and versatile.

Peirce pointed to the success of stablecoins and the rollout of tokenized money market and private funds as proof that crypto networks can deliver efficiency and broaden participation in financial markets. Highlighting the benefits of decentralized systems, she said: “Removing securities from siloed databases and tokenizing them on open, composable crypto networks mobilizes them and makes them usable in new and enhanced ways.”

However, the SEC commissioner warned that legal uncertainty is hampering progress, stating:

Tokenization cannot reach its full potential without legal clarity.

“Issuers and transfer agents continue to be unsure about whether a crypto network can be the master securityholder file or a component thereof for purposes of the Exchange Act’s transfer agent rules, even where the relevant state law expressly contemplates the use of a crypto network in connection with the maintenance of the securities ownership record,” she detailed.

Peirce called for the SEC to treat tokenized and traditional securities similarly unless specific legal grounds require different treatment. She argued that regulatory approaches should focus on the asset itself, not the technology used to represent it. Despite ongoing legal complexities—including the application of transfer agent rules, market structure requirements, and the role of permissionless networks—Peirce expressed confidence that these issues can be addressed through discussion and collaboration with experts.

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