The SEC hosted a meeting with industry representatives to explore potential standards for tokenized assets, particularly on the Ethereum platform.
Meeting with SEC and Industry Players
The U.S. Securities and Exchange Commission (SEC) met last week with Ethereum-aligned organizations, including the ERC-3643 Association and Chainlink Labs. During the meeting, discussions focused on open standards like ERC-3643 that could assist in navigating compliance and regulatory issues related to tokenized trading.
SEC's Approach to Open Standards
Dennis O'Connell, president of the ERC-3643 Association, noted that the SEC displayed a change in approach regarding open standards compared to previous years. He stated that the association presented arguments emphasizing the importance of such standards for the growth of the crypto industry in the U.S. Proposals were presented concerning key elements of a regulatory framework for tokenized securities, including identity, compliance, and control.
Support for Tokenization from SEC Chair
Following the meeting, SEC Chair Paul Atkins made positive comments supporting tokenization in the U.S. According to Bloomberg, the SEC is considering creating an innovation exemption to enhance tokenization. Atkins remarked that the movement of assets to the blockchain is inevitable.
The SEC's meeting with industry representatives marks a significant step toward creating a conducive atmosphere for the tokenization of assets on the blockchain, indicating potential changes in regulatory policy.
