Yesterday, the SEC’s Innovation Exemption opened a path for tokenized stocks with full shareholder rights. Synthetics are excluded. At this week’s @avax Summit, @GrahamFergs joined @TheBlockCo to explain Securitize’s native approach: the token is the security itself.

Tokenization reaches the mainstream when the buyer no longer needs to be a crypto user. At the @avax Summit, Securitize CEO @carlosdomingo joined @therollupco to explain why demand beyond crypto can take tokenized assets from billions to trillions.

The more I am reading (the full 60-page exemption is here for anyone interested ), the more I like some of the things I am seeing here, for example: "Smart contracts must be auditable, publicly accessible, and deployed on public permissionless blockchains, encoding non-discretionary rules." This is great for Ethereum, Solana, Avalanche, and many other public chains that will be able to host TSVs under this exemption

The CLARITY Act failed to advance in the U.S. Senate today, falling short of the 60 votes needed to move forward. We are disappointed by this outcome: legislation would future-proof crypto policy in the U.S. However, this does not affect how tokenized securities will operate in the U.S. They already fall within the federal securities framework, and Securitize has spent years building regulated infrastructure for issuance, transfer agency, trading, and fund administration of real securities onchain, not synthetic or derivative versions of them. Furthermore, we expect the SEC and CFTC to proceed with agency rulemaking that will advance crypto and other policies. While not as durable as legislation, we anticipate a path forward in the most critical areas will be forthcoming. We will continue to support the CLARITY Act and other efforts to establish durable market-structure rules for crypto. We will also continue working with lawmakers, regulators, issuers, and market participants to further advance the ecosystem for tokenized securities in the U.S. Clear legislation can give institutions greater certainty across administrations. In the meantime, Securitize will continue building the infrastructure that brings securities and capital markets onchain. Tokenize the World.

The @avax Summit kicks off tomorrow in New York. Join our CEO @carlosdomingo for “Tokenization at Scale: Rewiring Wall Street” at 10:50 AM, then continue the conversation at our cocktail reception at the Après Bar at 4:30 PM. Tokenize the World.

The recent debate around tokenized stocks keeps coming back to the same supposed trade-off: compliance versus composability. The argument goes something like this: if we want securities to really live onchain, move between wallets, plug into DeFi and become programmable financial assets, they need to be permissionless. Anything else is just TradFi on a blockchain. I think that framing is wrong. Carlos here writes about one side of this debate and the problems with some of the stock-token structures being launched today. I want to focus on the other side: permissioned does not mean closed, and it does not mean giving up the advantages of tokenization. At Securitize we made a deliberate choice. Put the security on public blockchains. Let investors self-custody it. Let it interact with smart contracts and DeFi. But keep the rules that make it a regulated security attached to the asset. Identity and eligibility can be verified. Transfer restrictions can be enforced. Sanctions controls don’t disappear after the first purchase. Dividends, voting and other corporate actions can still reach the right holder. And the asset is still onchain. It can be held in a wallet. It can move between eligible investors. It can be used as collateral. It can participate in lending markets and liquidity pools. It can interact with applications built by third parties. We already have Securitize-issued assets integrated across @Aave, @eulerfinance, @Loopscale, @Zharta and more DeFi protocols are coming soon. That’s not theoretical composability. It’s regulated assets being used in DeFi today. The difference is that compliance is part of the asset’s programmability rather than something we pretend disappears once the asset reaches a blockchain. That distinction is important in the current stock-token debate. Robinhood, for example, explicitly presents its Stock Tokens as standard ERC-20s that can be composed into trading, lending and other applications. They are designed to work with existing wallets and tooling without special integration. That is certainly easier. But ease of integration isn’t the same thing as proving that regulated securities need to be permissionless to be composable. The technology gives us another option. Put the security onchain. Put the rules onchain too. Then protocols don’t need to become transfer agents or rebuild securities compliance themselves. They interact with an asset whose transfer rules are already enforceable. Is that harder than deploying a vanilla ERC-20? Absolutely. You have to solve what happens when a security enters a smart contract. How eligibility works through pools and vaults. How collateral can be liquidated. How transfers remain compliant without turning every integration into a walled garden. We’ve spent years working through those problems precisely because we don’t think the answer is choosing between blockchain and investor protection. The objective of tokenization isn’t to remove every rule from capital markets. It’s to remove unnecessary friction and intermediation while preserving the protections that exist for a reason. Public blockchains give us self-custody, programmability, interoperability, composability and a common settlement infrastructure. We shouldn’t have to give those up for regulated securities. And investors shouldn’t have to give up their protections to get them. The harder path is making the two work together. That’s the path we’ve chosen. Because it’s hard.

Demand for tokenized assets is broadening. Crypto institutions are already allocating, with retail emerging as a major new source of growth. @SecuritizeGiang explains why Securitize focuses on institutional grade supply and a growing investor base.

Investors should benefit directly from more efficient markets. Our President @Observatory13 joined @Unchained_pod to discuss how tokenization can enable instant settlement, borrowing against a wider range of assets, and broader access to global markets.

The institutional tokenization buildout is underway. In a recent @Broadridge survey, 84% said tokenization is strategically important, with 26% already reporting tokenization projects in production. Tokenization is happening right now.

As the debate around @Robinhood's AMC tokenized stock heats up with @CEOAdam, @vladtenev, and @RobinhoodCrypto — and the broader conversation about how tokenization can benefit both issuers and investors keeps evolving — it was great to join @LauraShin this morning to talk about how Securitize is bringing the stock market onchain the right way.

Investors need a reason to choose the tokenized version of an asset. Bringing trillions onchain depends on making those assets easier to own, transfer, and use. Our CEO @carlosdomingo joined Milk Road to discuss how tokenization can grow into a trillion dollar market.

“I don’t even know who my shareholders are, which is insane.” Securitize CEO @carlosdomingo on why public companies can lose sight of who owns their shares, and how onchain ownership records can make dividends, proxy voting, and shareholder engagement more direct.

Over 3 million addresses now hold tokenized real world assets. As the universe of onchain assets expands, it attracts a wider base of participants. That audience gives issuers greater distribution, creating the conditions for exponential growth. Tokenize the World.