As the Chairman of the U.S. Securities and Exchange Commission emphasizes the idea of accelerating tokenization through "innovation exemptions," traditional financial markets are rapidly moving on-chain.
Paul Atkins stated on the X platform on Friday, "The U.S. financial markets are ready to go on-chain," adding that the agency is "embracing new technologies to realize this on-chain future."
His comments came shortly after the SEC issued a "no-action" letter to a subsidiary of the Depository Trust & Clearing Corporation (DTCC), allowing it to provide new tokenization services for the securities market.
DTCC plans to tokenize assets such as the Russell 1000 Index, exchange-traded funds tracking major indices, and U.S. Treasury bills and bonds, which Atkins called "an important step toward on-chain capital markets."
He stated, "On-chain markets will bring greater predictability, transparency, and efficiency to investors."
Atkins added that although the DTCC pilot approval is just the beginning, the SEC will consider issuing innovation exemptions to allow builders to start "migrating our markets on-chain" without being bound by "burdensome regulatory requirements."
Atkins committed to encouraging innovation as the industry moves toward on-chain settlement; on-chain settlement will complete transactions on a blockchain ledger, removing intermediaries, enabling 24/7 trading, and providing faster trade finality.
Cointelegraph has reached out to the SEC for comments on the details and timeline regarding the tokenization innovation exemptions.
Atkins first proposed the innovation exemption for tokenization during his speech at the crypto task force DeFi roundtable on June 9.
The SEC's "no-action" letter means that if DTCC's products operate as described, the agency will not take enforcement action. DTCC, as one of the most important infrastructure providers in the U.S. securities field, offers clearing, settlement, and trading services.
Asset tokenization involves minting tangible assets on a blockchain ledger, providing investors with more avenues for participation through fractionalization of shares and 24/7 trading opportunities.
Crypto analysts praised the SEC's move to allow DTCC to launch new market tokenization services, which will grant tokenized assets the same rights and investor protection mechanisms as traditional assets.
ETF analyst Nate Geraci posted on the X platform on Friday, "Not sure people fully realize how quickly financial markets are moving toward full tokenization… faster than I expected."
In recent months, the SEC has issued two no-action letters: one for a decentralized physical infrastructure network (DePIN) project based on Solana; the other, issued in September, allows investment advisors to use state trust companies as crypto custodians.
Meanwhile, crypto projects continue to raise funds to build the necessary infrastructure for tokenized on-chain markets.
On Tuesday, the asset tokenization network Real Finance completed a $29 million round of private financing aimed at building the infrastructure layer for real-world assets (RWA) to enhance institutional participation.
Related: Reports suggest that Coinbase may launch a prediction market and tokenized stocks on Wednesday.
Original article: “U.S. Financial Markets 'Ready to Go On-Chain' as DTCC Tokenization Approved”
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