At the beginning of July, SEC Chair Paul Atkins painted a picture: tokenization was the “next step” in the evolution of securities. Generally, tokenization entails creating a digital representation of a real-world asset — like currency, real estate, or art — on a blockchain. Tokenized assets are a form of “crypto asset,” i.e., assets issued or transferred on a distributed ledger or blockchain. On the last day of July, Atkins primed the canvas for tokenized securities by launching “Project Crypto” with Commissioner Hester Peirce and her Crypto Task Force. Project Crypto is an SEC initiative to modify securities rules and regulations to facilitate the U.S. financial markets to “move on-chain.”
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