Hester Peirce, head of the US Securities and Exchange Commission’s (SEC) Crypto Task Force, said that putting securities on a blockchain “does not have magical abilities to transform the nature of the underlying asset.”
In a July 9 statement, Peirce emphasized that tokenized shares, notes, or entitlements “are still securities,” requiring issuers, intermediaries, and traders to adhere to existing federal law when creating, selling, or transferring them.
Legal obligations
Peirce’s bulletin notes that tokenization can occur in two ways: an issuer can mint blockchain versions of its own shares, or a custodian can wrap third-party securities and issue receipts.
She warned that the second model introduces counterparty risk because the token holder depends on the custodian’s solvency and control of the underlying shares.
Peirce urged distributors to consult the SEC’s Division of Corporation Finance’s “staff statement” on disclosure duties and to meet with agency sta
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