The SEC has granted a three-year no-action letter to DTCC, allowing the tokenization of stocks and real assets on approved blockchains, marking a new advancement for financial market infrastructure.
This move allows the expansion of the custody and clearing system to the on-chain environment, potentially changing the way securities and real assets are managed, traded, and recorded in the future.
MAIN CONTENT
SEC issues a no-action letter, allowing DTCC to pilot the recording of shares and real assets in the form of tokens on the blockchain.
The pilot helps transition traditional custody and post-trade infrastructure gradually towards an on-chain digital model.
If successful, the model could become the new standard for custody, reconciliation, and asset ownership in capital markets.
SEC approves DTCC's asset tokenization pilot
The SEC has issued a no-action letter for three years for DTCC, allowing the organization to record shares and real assets in the form of tokens on an approved blockchain platform, supplementing the traditional custody and record-keeping system.
In the no-action letter, the SEC allows DTCC to expand its recording functions to a blockchain platform where shares and real-world assets are represented by tokens. This letter mitigates execution risks, as long as DTCC complies with the conditions, and creates a legal framework for testing on-chain custody infrastructure.
Detailed references to the legal framework can be found in the SEC's official document at SEC No-Action Letter on Digital Token Offerings, describing how ownership and transfer data can be synchronized between traditional systems and blockchain.
Integrating blockchain into post-trade infrastructure can help shorten reconciliation times, increase transparency of ownership chains, and reduce reliance on fragmented records. Tokenization also opens up the possibility of fractional ownership of assets, allowing retail investors to access traditionally high-barrier assets.
In addition to speed and efficiency, the new model also helps standardize data on a shared ledger, reducing manual reconciliation errors. Financial institutions can build additional layers of derivative products, synthetic assets, and multi-chain custody services on tokenized data managed by DTCC.
"The pilot is a meaningful incremental step in bringing the market on-chain."
– Hester Peirce, Commissioner, SEC, 2025
DTCC's blockchain efforts build on previous innovations
The current tokenization pilot is not a standalone step but extends the chain of blockchain and distributed ledger technology experiments that DTCC has implemented over the years in post-trade processing.
Previously, DTCC conducted several tests with distributed ledger technology for post-trade processes, demonstrating a long-term strategy to integrate reconciliation, payment, and custody processes into a digital architecture. The new pilot reinforces this direction, as ownership data can be recorded simultaneously on-chain.
The cautious, step-by-step adoption of blockchain by a central infrastructure like DTCC helps mitigate risks for the financial system. Instead of replacing the entire old system, a hybrid model allows them to verify the benefits of speed, auditability, and reduced operational costs before scaling up.
Did you know? In previous tests, DTCC used distributed ledger technology for post-trade processing, demonstrating a consistent strategy of integrating modern digital technology frameworks into market infrastructure.
According to discussions about regulation and financial innovation at Bankless Discussions on Crypto and Regulation, the acceptance of the tokenization model in core infrastructure by regulators is a signal that the legal framework may gradually adapt to digital assets and on-chain technology.
The market context of Bitcoin and crypto around the wave of tokenization
Market data shows that Bitcoin is trading around a very large market cap, while traditional financial infrastructure begins to experiment with tokenization, creating a tighter intersection between the crypto market and traditional finance.
Bitcoin (BTC) is currently trading at around $92,410.26, with a market capitalization of approximately $1.84 trillion, accounting for about 58.74% of the total crypto market cap. There are over 19,960,912 BTC in circulation, with a maximum supply of 21 million BTC. In the last 30 days, the price of BTC has decreased by about 10.27% according to CoinMarketCap data.
In this context, the tokenization of real-world assets on a blockchain approved by regulators can be seen as a model-shifting move. As traditional assets gradually go on-chain, the connectivity between traditional capital markets and the crypto market will increase, creating additional demand for infrastructure, liquidity, and financial products based on digital assets.
Analysts believe that if DTCC's pilot operates stably, product structures such as tokenized stocks, bonds, on-chain mutual funds, or even new Crypto ETFs could be considered more robustly, as long as they meet compliance and risk management standards set by regulators.
Frequently asked questions
This section compiles frequently asked questions about the SEC's no-action letter for DTCC, how the tokenization pilot operates, and the relationship between the asset tokenization trend and the Bitcoin market as well as the broader crypto market.
What is the SEC's no-action letter for DTCC?
The SEC's no-action letter is a document in which the specialized department states that it will not recommend enforcement action if DTCC implements a pilot to record shares and real assets in the form of tokens on an approved blockchain, as long as DTCC adheres to the specified scope and conditions.
What benefits does DTCC's tokenization pilot bring to investors?
The pilot helps bring ownership and transaction data of assets onto the blockchain, potentially shortening reconciliation times, increasing transparency of ownership chains, and opening up possibilities for asset fractionalization. In the long run, investors could enjoy faster transaction experiences, lower fees, and greater access to a wider array of assets.
What impact does asset tokenization have on the Bitcoin and crypto markets?
Asset tokenization implemented by organizations like DTCC helps bring blockchain technology into the core of the traditional financial system, thereby increasing legitimacy and widespread acceptance of on-chain infrastructure. This could attract institutional capital, boosting demand for Bitcoin, crypto, and financial products based on digital assets.
Source: https://tintucbitcoin.com/sec-cap-phep-cho-dtcc-ma-hoa-tai-san/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news in the cryptocurrency market and not miss any important information!
$BTC $ETH $BNB $XRP $SOL
