Recently, the United States Securities and Exchange Commission (SEC) issued a publication and a request for comments regarding the custody of tokenized shares on the blockchain, regarding the application of Rule 15c3-3 of the Securities Exchange Act.
La United States Securities and Exchange Commission (SEC) wants to regulate the market for tokenized shares in blockchain, to provide stability, transparency and reliability to the digital industry. For this, the US regulator recently published a release press conference where he made a statement and a request for comments, regarding the custody of digital asset securities by agents or stockbrokers.
First, the regulator announced that it will maintain a position, for a period of 5 years, of not taking any action or sanction against agents or brokers of the stock exchange that operate within the established laws. Second, it requests comments from interested parties to evaluate the design and creation of new standards for the digital industry, which improve practices regarding the custody of digital asset securities.
Likewise, the agency noted that, to promote innovation in the digital industry, it must apply the Rule 15c3-3 of the Securities Exchange Act to digital asset securities, and which broker-dealers must fully comply with to ensure the safety and security of clients and investors. Rule 15c3-3 sets out the financial responsibility standards that broker-dealers and dealers in digital asset markets must comply with to ensure the protection of their clients and their funds, and requires broker-dealers to hold clients’ digital assets in segregated accounts, completely separate from the firm’s assets, in order to avoid any potential confusion.
It may interest you: SEC files lawsuit against Ripple, as Brad Garlinghouse warned
Tokenized stocks as the future of the United States
Jay Clayton, SEC Chairman, had already revealed the possibility of the SEC regulating the tokenization of shares through blockchain. At a virtual conference held in October with the Chamber of Digital Commerce, Clayton assured that the implementation of blockchain technology would be a fundamental part of the development of the United States, and more, that this technology could be the future of stocks in the North American country. During his revelations, Clayton stated that the digital industry was making its way into traditional finance, and that the arrival of cryptocurrencies, such as Bitcoin y Ethereum, marked the beginning of the digital transformation, which can take over all actions so that they become token usage digital in the future.
Clayton said blockchain is a technology that not only enables the creation of payment systems, but can also become a vehicle for financing, completely transforming the stock market.
“It’s routed through an algorithm and executed electronically. Just as you had stock certificates, you now have digital tickets to represent stock – it’s quite possible that they will all be tokenized.”
The SEC has given a 60-day period for interested parties to submit their comments to the agency before it is published in the Federal Register. The SEC's actions favor the digital industry, although previous actions by other regulators seem to contradict each other, because they have not been as friendly to the same industry. An example of this, for some, is the lawsuit filed against BitMEX, accused by the CFTC of illegal trading in the country.
SEC Chairman Clayton I quit officially took office as SEC Chairman on the same day he published his statement and request for comments for the custody of digital asset securities; but not before filing a lawsuit against Ripple and its senior management for the unauthorized sale of tokens to US customers.
Continue reading: BitMEX accused by CFTC and DOJ of evading the law and allowing illegal trading
