Jamie Selway, Director of the SEC’s Division of Trading and Markets, said that the SEC is about to commence rulemaking for tokenized securities during a speech yesterday. It follows a related no action letter granted to the DTC in December, as well as a pending request from Nasdaq and a planned request from the NYSE. Selway said it would continue to consider granting exemptions.
The initial rulemaking will cover financial responsibility, record keeping, and market structure with Selway describing the goal as being “innovation without arbitrage”.
The Director also outlined four priorities for his division over the next three years: tokenized securities, working with the CFTC on digital assets, enabling 24/7 trading, and addressing current market structure issues. The first three are forward-looking initiatives, while the fourth tackles existing problems. All four priorities are tightly linked with tokenization.
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