[ESMA Seeks Industry Feedback to Assess the Liquidity of Tokenized Collateral During Crises] Deep Tide TechFlow reports on October 9, citing Cointelegraph, that the European Securities and Markets Authority (ESMA) has issued a consultation paper seeking industry feedback on the legal, liquidity, and operational risks of tokenized collateral to evaluate whether clearinghouses can promptly access and liquidate such assets during periods of market stress. This review aims to determine whether existing EU regulations are sufficient to ensure the effective disposal of tokenized collateral in the event of member defaults and to assess whether additional regulatory measures are necessary. ESMA Chair Verena Ross stated that conditions must be created for the secure and scalable operation of tokenized markets across borders, ensuring legal certainty, infrastructure interoperability, and appropriate regulation. The consultation covers tokenized assets held within traditional financial infrastructures as well as assets directly issued on distributed ledgers. It also examines whether token transfers confer ownership or enforceable rights over the underlying assets, as well as their interactions with stablecoins, central bank currencies, and tokenized deposits.