Hester Peirce just threw some cold water on tokenization's future. đŹ
Tokenization wonât reach its full potential without legal clarity.
Right now, issuers and transfer agents are confused about whether crypto networks can be considered official records for securities under the Exchange Act.
Some states are making progress, but federal law is still all over the place.
The SECâs stance? If a cryptoasset meets the broad definition of securities, itâs under their rules. Until the law catches up, tokenization is stuck.