the sec's fy2027 exam priorities, released october 23, add tokenization to its checks of high-risk controls at clearing agencies. this creates no new rules, but it follows real use. in july, dtcc ran production trades with tokenized securities, partly on canton. canton burns its cc token only for traffic through its global synchronizer, not through dedicated ones. so dtcc's activity may not burn cc until an approved plan extends burns to all production synchronizers, estimated for q1 2027.