SEC clarifies rules for tokenized stocks, tightening scrutiny on synthetic equity

The Securities and Exchange Commission (SEC) released new guidance clarifying the regulatory treatment of "tokenized stocks," asserting that tokenization does not alter federal securities laws. The agency categorized tokenized securities into two types: those issued or authorized by the underlying company, which can confer true equity ownership if integrated into the official shareholder register, and those created by third parties without issuer involvement. The SEC warned that third-party tokens often represent only synthetic exposure, such as custodial arrangements or security-based swaps that track value without conveying ownership rights or claims on the issuer. This clarification aims to limit the spread of synthetic equity products to retail investors and steer compliant tokenization toward fully regulated, issuer-approved structures.

(Source：CoinDesk)