The U.S. Securities and Exchange Commission has provided a highly sought-after "No-Action" letter to a subsidiary of the Depository Trust & Clearing Corporation (DTCC), allowing it to offer a new tokenization service for the securities market.
DTCC stated that on Thursday, its subsidiary, the Depository Trust Company, was authorized to launch a "new service to tokenize real-world assets held by DTC in a controlled production environment."
DTC will tokenize "a set of highly liquid assets," including the Russell 1000 Index, exchange-traded funds tracking major indices, U.S. Treasury bills, government bonds, and Treasury notes; the service is expected to launch in the second half of 2026.
DTCC operates critical market infrastructure, providing clearing, settlement, and trading services for U.S. securities. The SEC's No-Action letter provides significant endorsement for its plans, confirming that as long as its proposed products operate as described, the regulator will not take enforcement action.
"I want to thank the SEC for their trust in us," said DTCC CEO Frank La Salla. "Tokenizing the U.S. securities market is expected to bring disruptive benefits, such as collateral liquidity, new trading methods, 24/7 availability, and programmable assets."
In a historic milestone, DTC received a No-Action Letter from the SEC to tokenize certain DTC-custodied assets. By leveraging blockchain, DTCC aims to bridge TradFi and DeFi, advancing a more resilient, inclusive, and efficient global financial system. https://t.co/yYNaHfvjcS pic.twitter.com/E4W47rWBIc
DTCC stated that the No-Action letter allows its subsidiary to "provide tokenization services for DTC participants and their clients on a pre-approved blockchain for a period of three years."
"DTC will have the capability to tokenize real-world assets, with their digital versions possessing the same rights, investor protections, and ownership interests as traditional forms of assets," it stated.
The SEC rarely issues No-Action letters, but Chairman Paul Atkins, a former crypto lobbyist, has recently warmed to the industry and articulated how crypto products can fit into the agency's regulatory framework.
In recent months, the SEC has issued two No-Action letters to decentralized physical infrastructure network (DePIN) crypto projects.
At the end of September, the SEC also released a No-Action letter that cleared the way for investment advisors to use state trust companies as crypto custodians.
Related: Poland submits rejected crypto bill again, with content largely unchanged
Original article: “SEC Approves DTCC to Offer Securities Market Tokenization Service”
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