During one of yesterday’s panels at the U.S. Securities and Exchange Commission (SEC) roundtable on tokenization, incumbents were urged to avoid attempting to hamstring new technology players. BlackRock’s Robert Mitchnick said that rather than forcing startups to comply with obsolete regulations, there’s a need to modernize. This tension between innovation and regulation set the tone for the discussion that followed. A key goal of the roundtable was to find out what regulatory issues need addressing.
Five of the nine panelists work for major asset managers: Apollo, BlackRock, Fidelity, Franklin Templeton and Invesco. These institutions stand to benefit most from embracing public blockchains, by exploiting efficiencies and reducing layers of intermediaries. Two of the panelists represented intermediaries: the DTCC and Nasdaq. While they gave fairly balanced perspectives, they advocated for the most caution, particularly Nasdaq.
The key topics covered were how to define tokenization, interoperability, practical use cases and the need for regulatory changes.
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