Former SEC counsel explains what it takes to make RWAs compliant
A former SEC counsel detailed that regulatory engagement, not technology, is the main hurdle for compliant Real-World Asset tokenization.Summary
Ashley Ebersole, former SEC counsel and current chief legal officer of Sologenic, explained that the primary constraint for Real-World Asset (RWA) tokenization has been regulatory engagement, which is now showing signs of improvement in the US. Ebersole noted that after the 2017 DAO Report, the SEC adopted an enforcement-led approach that discouraged dialogue with the industry, delaying legally compliant onchain securities models. He pointed to compliant models, such as stock tokens functioning like depository receipts where ownership is conferred via a regulated clearing broker, as a viable path. However, Ebersole warned that securities regulation remains nationally bound, making cross-border compliance complex, and that regulators scrutinize inherent yield on tokens as a hallmark of a security. The recent shift in the SEC's tone, signaling greater openness to industry engagement, is allowing compliant tokenization models to move toward production.
(Source：Cointelegraph)