U.S. SEC Commissioner Hester Peirce states: Tokenized securities are still securities
PANews reported on July 10 that according to the official website of the U.S. Securities and Exchange Commission (SEC), SEC Commissioner Hester Peirce issued a statement on the tokenization of securities, emphasizing that although blockchain technology has brought a new model for securities issuance and trading, tokenized securities still fall within the scope of securities and must comply with federal securities laws.
Peirce pointed out that the tokenization of securities may be carried out directly by the issuer (such as a company tokenizing shares) or by a third-party custodian through the tokenization of its securities or "security rights". The latter may expose investors to unique counterparty risks. She reminded market participants to assess the legal nature of tokens based on the specific circumstances - they may constitute "security receipts" (themselves securities) or "security swaps" (retail investors are not allowed to trade over-the-counter). The SEC recommends that issuers of tokenized securities fulfill their information disclosure obligations and refer to the recent relevant guidance of the SEC's corporate finance department. For situations where technical characteristics require adjustments to current rules, the SEC expressed its willingness to work with the industry to develop exemptions and promote rule modernization.
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