SEC issues regulatory guidelines for tokenized securities: clarifying two main categories and compliance frameworks

2026-02-04 06:18:56

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ChainCatcher News, the U.S. SEC issued a regulatory statement on tokenized securities on January 28, dividing them into two main categories. The first is the issuer direct tokenization model, where the issuer or its agents issue securities on the blockchain and record holder information. These tokenized securities must comply with the same registration, disclosure, and other legal obligations as traditional securities, and using on-chain or off-chain record-keeping does not change the applicability of securities law.

The second category is the third-party tokenization model, which includes custodial (where token holders have indirect ownership of the custodial securities through tokens) and synthetic (where tokens only track the price performance of the underlying securities without transferring any substantive rights, potentially constituting security-based swaps) forms. The SEC specifically warns that third-party tokenization introduces additional counterparty risk and bankruptcy risk, and some products are subject to strict regulatory oversight as security-based swaps.

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