US Tokenization Regulation Faces Critical Hearing: SEC and CFTC Join Forces, On-Chain Securities Rules May Reshape Market

Gate News: On March 23, the U.S. House Financial Services Committee will hold a significant hearing on “Tokenized Securities” this Wednesday, with widespread market attention on the latest developments in regulatory coordination between the SEC and CFTC. Currently, the U.S. is accelerating the process of bringing traditional financial assets like stocks and bonds onto the blockchain, but the legal framework remains notably incomplete.

According to disclosed materials, this meeting will focus on two proposals: first, requiring the SEC and CFTC to jointly study regulatory pathways for tokenized securities and derivatives; second, allowing some regulated entities to adopt blockchain record-keeping systems under future rules. This indicates that topics such as “On-Chain Securities Compliance Path” and “Tokenized Asset Regulatory Framework” will be central to the discussion.

Regulators have previously made multiple statements. In January, the SEC clarified that even if asset records are migrated to the blockchain, tokenized stocks and bonds still fall under existing securities laws; in early March, they further emphasized that most crypto assets are not securities, but tokenized securities remain within their regulatory scope. Meanwhile, the SEC and CFTC have signed a coordination agreement, showing that cross-agency regulation is accelerating.

Industry-wise, traditional financial institutions are actively building tokenization infrastructure to upgrade market infrastructure. However, policy and technology mismatches still stand out. Austin Campbell, founder of Zero Knowledge, believes this hearing is more like a phased advancement in long-term regulatory battles, helping legislators understand the practical operation of on-chain finance.

However, controversies persist. Andrew Rossow, CEO of AR Media Consulting, pointed out that the hearing lacks representatives for consumer protection and DeFi-native projects, and discussions may favor traditional institutions. Additionally, the core legal question of whether tokenized assets qualify as securities remains unresolved, and the Howey Test faces challenges when applied to new on-chain assets.

Meanwhile, risks inherent to blockchain technology itself—such as smart contract vulnerabilities, on-chain reorganizations, and private key losses—have not yet been fully incorporated into the regulatory framework.

As regulation advances alongside institutional participation, tokenized securities stand at the intersection of policy and market. Their future development will largely depend on legislative progress and the refinement of risk pricing mechanisms.