ChainCatcher report: Andy, founder of The Rollup, posted that market rumors suggest the U.S. Securities and Exchange Commission (SEC) is preparing to introduce its largest-ever tokenization regulatory exemption, potentially allowing tokenized securities to trade solely through a registered transfer agent—without requiring a broker-dealer license or compliance with traditional exchange or ATS rules—and reportedly covering both U.S. retail and international investors. Andy stated that if true, the potential impact would be significant: tokenized funds could issue and trade directly as on-chain tokens, with the transfer agent maintaining legal ownership records on-chain, while the fund’s underlying assets—such as stocks and bonds—could also be further tokenized, creating an on-chain trading ecosystem of “fund tokens + underlying asset tokens.” Andy later added that a major fund has reportedly received a “green light” from the SEC, though official confirmation has not yet been issued. He speculated that ARK, Fidelity, or BlackRock could be potential participants. If implemented, this policy could accelerate U.S. asset managers in issuing native equity tokens to capture 24/7 liquidity and on-chain distribution channels, rather than waiting for third parties to tokenize traditional securities. He further connected this potential regulatory shift to recent efforts by the Trump administration to liberalize crypto regulation and the CFTC’s push to bring perpetual contracts to the U.S. market, suggesting that the U.S. regulatory environment may be gradually opening the floodgates for on-chain finance.
The Rollup Founder Andy Speculates on the SEC’s Potential Exemption for Tokenized Securities
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Summary
Rollup founder Andy mentioned that the SEC may be developing an exemption for tokenized securities, potentially allowing such assets to trade through registered transfer agents without requiring broker-dealer licenses. This could enable tokenized funds to be issued and traded as on-chain tokens, with the underlying assets also tokenized. Andy hinted that a major fund may already have received approval, possibly involving ARK, Fidelity, or BlackRock. This development could impact the debate over securities versus commodities and boost risk-on assets.
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