CTF Written Submission

Potential Exemptive Order: Tokenization of Traditional Securities

May 27, 2025
  • The potential SEC exemptive order for tokenized securities could unintentionally entrench the monopoly of the current intermediated securities holding infrastructure.
  • The current intermediated holding system imposes substantial costs on issuers and investors, which could be alleviated by a direct-holding model.
  • An independent study is recommended to assess the current securities holding infrastructure and explore potential reforms, including the implementation of a direct-holding model.

Last Reviewed or Updated: May 27, 2025