SEC Says Tokenized Assets Are Securities First, Technology Second

In brief

• Tokenized stocks and bonds remain subject to existing U.S. securities laws, regardless of whether ownership records are maintained on-chain or off-chain, the SEC said in a statement.
• Issuers may offer tokenized securities alongside traditional shares, with substantially similar tokens potentially treated as the same class under federal law.
• The statement avoids addressing whether crypto-native assets and staking programs qualify as securities, leaving a central regulatory question unresolved.