On July 9, Hester Peirce, head of the SEC's cryptocurrency working group, recently issued a statement emphasizing that tokenized assets do not change the nature of their underlying assets.
Source: sec.gov
Pierce pointed out that whether it is tokenized stocks, notes, or equities, they still belong to the nature of securities, and issuers, intermediaries, and traders are required to comply with existing federal laws when creating, selling, or transferring these assets.
Issuance pathways and regulatory rule definitions
Pierce explained that issuers wishing to achieve asset tokenization can do so through two approaches: one is to convert their company's stocks into a blockchain version, and the other is to entrust a third-party securities company to package and issue notes. The second model introduces counterparty risk, as token holders must rely on the custodian's solvency and control over the underlying stock.