The U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce issued a comprehensive warning to companies considering the distribution and trading of tokenized securities.
In a statement on Wednesday, Peirce urged companies to discuss their potential tokenized products with SEC officials in the context of "new entrants and many traditional companies […] embracing on-chain products."
Although the SEC commissioner, who also leads the agency's cryptocurrency working group, did not specifically mention the trading platform Robinhood, her notice came about two weeks after the company launched a layer-two blockchain focused on tokenization.
"While blockchain technology is powerful, it does not have the magical ability to change the nature of the underlying asset," Peirce stated. "Tokenized securities are still securities. Therefore, market participants must consider and comply with federal securities laws when trading these instruments."
Peirce's remarks echoed the views of former SEC Chairman Gary Gensler, who frequently called for companies offering cryptocurrency-related products that might be considered securities to "come in and talk." However, since U.S. President Trump took office and SEC Chairman Paul Atkins was confirmed, the U.S. financial regulator has indicated it is developing new directions for the cryptocurrency industry.
Robinhood's strategy will allow the platform to offer tokenized U.S. stocks and exchange-traded products to European investors. The company also seems to be aware of the potential implications for U.S. securities law, reportedly submitting a proposal to the SEC in May to regulate a framework for tokenizing real-world assets.
"When the unique aspects of technology require changes to existing rules, or when regulatory requirements are outdated or unnecessary, we are always ready to work with market participants to develop appropriate exemptions and modernize rules," Peirce stated.
U.S. House Republican members announced plans to advance a bill to establish clear regulatory rules for digital assets.
The proposed "Digital Asset Market Structure Act" could clarify the roles of the SEC and the Commodity Futures Trading Commission (CFTC) in regulating cryptocurrencies in the U.S.
Related: Robinhood's stock price nears historical highs as tokenization strategy gains attention
Original article: “SEC 'Crypto Mom' Clarifies: 'Tokenized Securities Are Still Securities'”
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