DeutschThe SEC gives DTCC a blank check for the tokenization of real-world assets. A new service is to be introduced from the second half of 2026, which will bring images of securities to the blockchain and thus fuel their trading. Which crypto networks will be used exactly is written in the stars. The US Securities and Exchange Commission restricts the selection to certain criteria.
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Is Wall Street Tokenization Starting? SEC Gives DTCC a Blank Check
Wall Street tokenization is starting – that’s what a statement by the US Securities and Exchange Commission SEC suggests. The SEC sent the DTCC a so-called “No-Action-Letter” yesterday.
In it, the SEC announced that it would waive sanctions if the DTCC carries out the tokenization of securities. As a clearing house, the Depository Trust & Clearing Corporation (DTCC for short) occupies a core position in the US financial system.
The SEC’s letter follows a direct request from DTCC directors Brian Steele and Nadine Chakar, who wanted to establish legal certainty for their new concept, the DTCC Tokenization Service.
“The staff [of the SEC] does not recommend that the Commission take enforcement action (…) with respect to the operation of the DTCC Tokenization Service,” it says.
The blank check that the SEC has given the DTCC has a time limit that lasts three years after the start of a “preliminary basic version” of the tokenization service.
The SEC would then renew its assessment, but could then also come to a different decision.
In a press release, the DTCC announced that it considers the approval by the US Securities and Exchange Commission to be an important milestone for the development of the financial system. The new service is scheduled to launch in the second half of 2026.
“It is a significant milestone. (…) This allows us, in accordance with securities laws, to launch a service for the tokenization of real-world assets in a controlled environment.”
Legally, there should be no difference between the classic investments and their tokenized image. The clearing house explained:
“We have the ability to tokenize real assets, with the digital version having the same claims, investor protections and ownership rights as the asset in its traditional form.”
Which blockchains are tokenizing the financial system?
Only predefined investments may be part of the permitted tokenization. These include the Russell 1000 stock index and ETFs that track large stock indices. US government bonds may also be tokenized. Thanks to the SEC’s approval, the introduction of tokenization can be done faster than usual.
“The No-Action Letter is significant because it allows the DTCC to introduce the service after its completion under certain restrictions and assurances faster than would otherwise be possible.”
In the USA, the tokenization of real-world investments is considered one of the most important trend topics in the financial world. Many well-known financial institutions such as JPMorgan or BlackRock are already working on their own concepts.
The tokenization of classic financial investments is considered important because it simplifies access to the investments in this way. For example, tokenized real-world investments can be traded around the clock instead of just during stock exchange hours.
However, an important question still remains open. It remains unknown which blockchains will be used for tokenization. The SEC allows the use of permissioned and permissionless blockchains – so concepts such as Hyperledger and Ethereum are possible. In addition to layer 1 networks, layer 2 networks may also be used for tokenization.
