Tokenized securities need competition, not gatekeepers. In a new @CoinDesk op-ed, former House Financial Services Chair & Ondo Vice Chairman @PatrickMcHenry lays out how different tokenization models can compete to make U.S. markets stronger. Innovation thrives when investors have choices. Tokenized securities should not be treated as a single category. “Tokenized securities are not one thing. They can and do take different forms, and carry different rights. Treating them all the same will lead to bad policy and worse products for investors and issuers alike.” He outlines three models taking shape in parallel: → Customer-driven tokenization → Issuer-sponsored tokenization → Market infrastructure tokenization Each serves a different need and deserves a path. McHenry chaired the committee that wrote the rules for U.S. capital markets. The regulatory framework now taking shape around tokenization will define the next era of financial markets. “For years, I argued in Congress that digital asset policy needs clear rules of the road. That remains true. Clarity protects consumers and investors. It also keeps innovation in the United States.” The conversation in Washington is no longer whether tokenization is coming. It's how the United States leads it. Clear distinctions over gatekeepers, real competition over single-model mandates, and room for the best ideas to win. That is how American markets have always led, and how they will lead the next chapter of capital markets.