TLDR
SEC backs tokenized stocks; Robinhood, Kraken, and Gemini launch blockchain-based equity products.
SEC ends enforcement-led crypto policy; new chair Paul Atkins promotes innovation transparency.
Tokenized real-world assets hit $24B in H1 2025, led by private credit and U.S. Treasurys.
SEC approves first crypto staking ETF, allowing Solana staking via REX Shares and Osprey.
The U.S. Securities and Exchange Commission (SEC) is shifting its approach to digital assets, with Chair Paul Atkins calling tokenization an “innovation.” In a recent interview with CNBC, Atkins confirmed the SEC’s move away from “regulation through enforcement” in favor of clearer, supportive guidance for blockchain-based financial tools.
This change follows a growing trend in the financial sector where tokenization is being used to modernize how traditional assets, such as stocks and bonds, are issued and traded. The SEC’s updated stance is expected to reshape the U.S. capital markets.
SEC Aims to Support Market Innovation Through Tokenization
Chair Paul Atkins stated that tokenization should be seen as a driver for market progress. He said the SEC is committed to creating a transparent regulatory system. This system will allow businesses to understand the rules and develop products using blockchain technology.
“My whole goal is to make things transparent from the regulatory aspect and give people a firm foundation upon which to innovate,” Atkins said. He confirmed the SEC’s focus is now on encouraging compliant innovation rather than hindering it with unclear policies.
Atkins was appointed SEC Chair in April by President Donald Trump. His leadership marks a sharp departure from his predecessor Gary Gensler’s regulatory approach. During Gensler’s term, many crypto companies faced legal action due to unclear regulations.
Stock Tokenization Receives Regulatory Backing
Stock tokenization has become a key area of interest for the SEC. Atkins announced that the agency will support the issuance of tokenized securities, calling it a step toward greater market efficiency and improved settlement processes.
The SEC’s Crypto Task Force has already conducted several roundtables on this topic. These discussions have led to new guidance allowing firms to develop tokenized versions of U.S. securities. Robinhood, Kraken, and Gemini have responded to this by launching tokenized stock offerings.
Robinhood is preparing to offer tokenized U.S. equities to users in Europe. These will be issued using Arbitrum, a layer-2 blockchain. Kraken has introduced its XStocks platform, which uses Solana to tokenize selected U.S. stocks. Gemini has also entered the space through a partnership with real-world asset platform Dinari.
Real-World Assets Gain Traction with Institutional Players
Tokenization is also expanding into other areas such as private credit and U.S. Treasurys. According to a recent report by RedStone, the value of tokenized real-world assets exceeded $24 billion in the first half of the year. Most of these assets are in private credit and government securities.
Financial institutions are beginning to explore the use of tokenization as a core part of their business models. Bloomberg reported that JPMorgan Chase is working with S&P Global Commodity Insights and other partners to tokenize carbon credits. This project is managed through the bank’s Kinexys blockchain unit.
Bitwise called the SEC’s new position a “watershed moment” for digital finance. Coinbase and Ondo Finance are also preparing to enter the stock tokenization space. Coinbase has already filed for approval to offer tokenized equities under U.S. market regulations.
SEC Issues New Guidance on Digital Asset Disclosures
In April, the SEC’s Division of Corporation Finance released new disclosure guidance related to digital assets. This move was made to help companies determine which digital tokens may be considered securities.
The Commission also approved the first U.S. exchange-traded fund (ETF) focused on crypto staking. Issued by REX Shares and Osprey, this fund allows investors to stake Solana and earn rewards.
As tokenization grows, the SEC appears ready to work with market participants. Atkins emphasized that the agency’s role is to facilitate capital formation while ensuring clear and consistent rules for all.
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