Summary
The SEC's January 28, 2026 joint staff statement established three categories of tokenized securities: (1) DLT-Integrated Recordkeeping (issuer-sponsored), (2) Mirror Recordkeeping (custodial), and (3) Synthetic Tokenized Securities (debt/derivative wrappers). All three models launched products on July 2, 2026 — Securitize (issuer-sponsored), Ondo (custodial), and Robinhood (synthetic debt). Only issuer-sponsored tokens carry full shareholder rights.
Key Points
- Securitize (issuer-sponsored): Token IS the security — full voting rights, dividend entitlements, SEC-registered transfer agent. $266M tokenized SECZ on Solana/Avalanche. Requires issuer participation.
- Ondo (custodial): UCC Article 8 security entitlement — indirect ownership via regulated custodian. Broadridge handles proxy voting. Tokenization services explicitly NOT a regulated activity of Oasis Pro TA. Not available to US investors.
- Robinhood (synthetic debt): Tokenized debt securities issued by Jersey subsidiary — no voting rights, no shareholder rights, no direct ownership. SEC flagged this category for scrutiny in January guidance.
- SEC/CFTC March 2026 MOU confirmed "digital security" remains subject to securities laws regardless of on-chain/off-chain recording
- Nasdaq Rule 7.39E (approved March 18, 2026) enables tokenized equity trading within T+1 settlement; NYSE developing separate 24/7 venue with Securitize as first digital transfer agent
- Citi projects $5.5T tokenized securities market by 2030; tokenized equities reached $5.5B market cap as of June 8, 2026 (+147% YTD)
- Alpaca clears/custodies ~94% of tokenized US equity — concentrated counterparty risk