According to PANews, SEC Commissioner Hester Peirce issued a statement pointing out that blockchain technology brings a new model for securities issuance and trading, but tokenized securities still fall within the scope of securities and must comply with federal securities laws.
Peirce said that security tokenization can be done by issuers or third-party custodians, the latter of which may bring unique counterparty risks. Market participants need to assess the legal nature of tokens, which may constitute "security receipts" or "security swaps."
The SEC recommends that issuers of tokenized securities fulfill their information disclosure obligations and refer to the guidance of the SEC’s corporate finance department. The SEC is willing to work with the industry to develop exemptions and promote rule modernization.