Wall Street transfer agents lobby SEC, warning that third-party tokens pose risks to market integrity
COINDESK ·
The SEC recognized those distinctions in a January staff statement discussing how tokenized securities could fit within existing securities laws. The statement separated third-party tokenization into two categories: custodial tokenized security entitlements and synthetic products, acknowledging that third-party tokenization can vary in structure and the rights afforded to investors. While the statement does not carry the force of formal Commission guidance, it offers insight into how agency staff are approaching tokenization. Today, most of the roughly $2 billion market of tokenized stock market follow the third-party synthetic model, led by Ondo Finance and Kraken's xStocks, and remain generally unavailable to U.S. retail investors. Tokenization firms Figure (FIGR) and Securitize (SECZ), meanwhile, issued their own shares onchain, falling into the issuer-sponsored model. Following the custodial model is Dinari, which was the first to obtain broker-dealer registration in the U.S. for a tokenized equity platform. Earlier this month, Ondo Finance also made a step toward the custodial model via its licensed transfer agent and Broadridge handling proxy voting, regulatory disclosures and shareholder communications. Against that backdrop, the STA urged the SEC to draw a clear regulatory distinction between issuer-sponsored tokenized securities and third-party stock tokens. The group argued that tokenized securities should be actual shares authorized by the issuing company and recorded in its official shareholder register, warning that third-party tokens could confuse investors, weaken shareholder rights and expose holders to platform, custody and counterparty risks rather than giving them a direct legal relationship with the issuer.
AI 시장 분석
Wall Street transfer agents have lobbied the SEC, expressing concerns that third-party tokens could undermine market integrity. They warned that tokenized assets pose potential risks to the existing settlement and clearing systems of the securities market. Depending on the regulator's response, the pace of institutional adoption of digital assets is likely to be adjusted.
상승 영향
- Traditional Finance — As the influence of established transfer agents grows, the market dominance of the traditional financial sector, which emphasizes regulatory compliance, is expected to be maintained.
하락 영향
- Virtual Assets — With increased regulatory oversight of third-party tokens, there is a significant risk of constraints on the issuance and distribution processes of security token projects.
DYAX 전담 분석
The move by major transfer agents reflects a defensive posture against the decentralized nature of tokenization. By highlighting systemic risks to clearing, they aim to ensure that any move toward digital assets remains within the framework of traditional regulatory oversight.
The SEC's stance on this will be a pivotal factor. Increased scrutiny could favor established entities while creating high entry barriers for emerging blockchain-based financial service providers.
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