SEC Commissioner Uyeda: Tokenization of securities markets requires technology-neutral regulation, and enforcement-led approaches have been discontinued

ChainCatcher News, SEC Commissioner Mark T. Uyeda delivered a speech at the 2026 Asset Management Derivatives Forum, focusing on the progress of government bond clearing rules implementation and the development of securities market tokenization.

The SEC has approved the registration of two new clearing agencies, CME Securities Clearing and ICE Clear Credit, providing market participants with more clearing options. Data from the Office of Financial Research indicates that if the rules are implemented eight months before 2025, the average global systemically important bank in the U.S. could free up $34.5 billion in asset-liability space.

Regarding tokenization, Uyeda stated that the SEC has stopped primarily using enforcement to express viewpoints and is instead promoting limited-scope pilots through regulatory guidance and exemption orders. He emphasized that SEC rules should remain technology-neutral, focus on outcomes rather than processes, and ensure appropriate investor protection measures.