Citing Odaily, the U.S. Securities and Exchange Commission (SEC) has outlined a 'two-year on-chain' initiative led by Chair Gary Gensler, aiming to migrate over $50 trillion in U.S. financial assets—including stocks, bonds, and real estate—onto blockchain infrastructure. The plan, known as 'Project Crypto,' involves cross-sector collaboration between regulators, lawmakers, and private institutions. Key legislative efforts include the GENIUS Act and CLARITY Act, which address regulatory clarity and stablecoin compliance. Major financial players like BlackRock, JPMorgan, and DTCC are actively participating, with DTCC’s subsidiary DTC receiving an SEC no-action letter to tokenize major U.S. equities. The initiative is expected to significantly improve settlement speed, capital efficiency, and global market access, while also introducing new risks such as privacy challenges and systemic volatility.
SEC's 'Two-Year On-Chain' Vision: DTCC's Tokenization of Clearing Systems
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Summary
The U.S. Securities and Exchange Commission (SEC) has launched a 'two-year on-chain' initiative under Chair Gary Gensler, aiming to move over $50 trillion in financial assets—including stocks, bonds, and real estate—onto blockchain infrastructure. The effort, dubbed 'Project Crypto,' involves collaboration between regulators, lawmakers, and institutions like BlackRock, JPMorgan, and DTCC. DTCC’s DTC received an SEC no-action letter to tokenize major U.S. equities. The plan includes legislative support from the GENIUS and CLARITY Acts, which focus on crypto compliance and regulatory clarity. The initiative seeks to boost settlement speed, capital efficiency, and global access, but also raises concerns about privacy and volatility.
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