The SEC’s announcement yesterday could accelerate the trading of tokenized securities across multiple platforms, blockchains, and liquidity pools, but who maintains the definitive record of what an investor actually owns?
There’s currently no consolidated tape, single custodian or guarantee that positions, cost basis, and transaction history will be reconciled across venues which exacerbates an existing problem in crypto. Dividends, splits, voting rights, and other corporate actions will need to be tracked and reconciled across multiple networks and trading venues.
While the crypto industry is focused on putting every asset onchain fiduciaries and regulated entities are concerned about how they’ll be accounted for once they’re there. I submitted a comment to the SEC yesterday outlining some of these gaps.
With the CLARITY Act on hold the regulatory updates from the
@CFTC and the
@SECGov are coming quickly, but the operational infrastructure is struggling to keep up.