On May 12, 2025, Caroline Crenshaw, the Commissioner of the U.S. Securities and Exchange Commission, provided important insights during the session "Tokenization: Our Field of Dreams?" held by the digital currency task force. Crenshaw emphasized that the concept of tokenization is still open to definition—are we referring to the direct issuance of stocks on the blockchain or merely a digital representation of traditional issuances? She also warned against the immediate transition to T+0 settlement due to liquidity challenges and the risks associated with losing multiple clearing mechanisms, noting that any significant change must be carefully considered to protect investors and ensure the stability of traditional markets relied upon by a broad segment of traders. She highlighted the importance of maintaining technological neutrality at the regulatory agency while allowing for limited experimentation on private networks before taking formal regulatory steps.