On Aug. 25, the staff from the U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force met with representatives from the crypto exchange Kraken to discuss the tokenization of traditional assets. Representatives from the law firm Wilmer Cutler Pickering Hale and Dorr LLP were also present at the meeting.

According to an SEC filing, Kraken and the law firm provided a document that was the basis of the discussion and a list of individuals who attended the meeting. Some of the discussion points were the proposal for a tokenized trading system, its architecture, and transaction lifecycles. The task force staff also touched on the legal and regulatory framework for such a system, as well as why blockchain-based tokenization in general represents a technological innovation that can enhance capital formation and democratize access to markets.

Kraken is one of a handful of trading platforms that have launched tokenized versions of traditional equities like Apple, Tesla, and Nvidia, as well as exchange-traded funds (ETFs). The tokenized assets, which are especially aimed at investors outside the U.S., provide exposure to popular stocks at a fraction of the usual fees.

While Kraken and other exchange platforms are eager for U.S. regulators to provide clarity on the treatment of tokenized assets, opponents are lobbying against tokenization, citing risks to market integrity and investors. The World Federation of Exchanges (WFE) recently urged regulators to subject tokenized stocks to the same securities laws applicable to traditional stocks.

So far, the SEC leadership has signaled its leaning toward applying existing federal laws when overseeing tokenized assets. In July, SEC Commissioner Hester Peirce argued that while blockchain is a powerful technology, it does not have the “magical abilities to transform the nature of the underlying asset.” This suggests that the SEC is poised to prioritize adherence to regulations over promoting innovation.

Therefore, by seeking an audience with the SEC Crypto Task Force staff, Kraken is seemingly attempting to counter the narrative pushed by the WFE and some public companies that object to the tokenization of their stocks.

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