Peirce - Enchanting, but Not Magical: A Statement on the Tokenization of Securities

From sec.gov

Blockchain technology has unlocked novel models for distributing and trading securities in a “tokenized” format. Tokenization may facilitate capital formation and enhance investors’ ability to use their assets as collateral. Enchanted by these possibilities, new entrants and many traditional firms are embracing onchain products. As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset. Tokenized securities are still securities. Accordingly, market participants must consider—and adhere to—the federal securities laws when transacting in these ... (full story)