Today, the U.S. Securities and Exchange Commission (SEC) issued a statement regarding the tokenization of securities (U.S. stocks): emphasizing the importance of blockchain technology, stating that securities laws apply both on-chain and off-chain, and maintaining an open attitude towards innovation.
The SEC has applied the brakes to U.S. stock tokenization: this matter is under my jurisdiction, and all must comply with my securities laws.
On the other hand, it has also left room for innovation: you must come to me, and I am always ready to cooperate with the market.
The requirements for compliance in U.S. stock tokenization have been clear from the beginning.
Yesterday, @MyStonks_Org announced that it has obtained an MSB (Money Services Business) license issued by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN), becoming one of the recent international digital securities platforms approved by U.S. regulators.
Today, MyStonks continued to release its global compliance roadmap: it plans to complete the SEC's STO filing in July, conducting compliant security token offerings that meet U.S. securities law requirements.
This is what the SEC mentioned in its statement: U.S. stock tokenization must comply with securities laws, and you must come to me, always ready to cooperate with the market.
Additionally, MyStonks will launch the Merkle Tree asset proof mechanism this month, enabling verifiable on-chain assets for the platform, enhancing transparency and user trust.
This is also crucial, similar to buying stocks through Interactive Brokers and storing stocks with Clearstream, MyStonks provides U.S. stock custody services for platform users through asset management giant Fidelity. This pertains to the purchasing and custody of stocks.
On the technical side of on-chain operations, it is currently done through 1:1 token contracts. The launch of the Merkle Tree by MyStonks should be the first in the industry to announce verifiable on-chain methods for its coin-stock platform.
MyStonks' global compliance roadmap also includes licensing roadmaps for multiple regions in Europe, the Middle East, and Asia. It can be seen that MyStonks is establishing a sound compliance and security system, adhering to federal regulations with high standards from the very beginning.