Key Insights
Tokenized securities remain subject to US securities laws, with the SEC making clear that blockchain use does not change legal ownership or compliance duties.
Most tokenized stock products rely on third-party structures, where investors may not hold direct ownership and instead depend on intermediaries.
Alpaca’s central role highlights concentration risk, showing how much on-chain stock trading still depends on a single off-chain broker.
Tokenized securities are often described as a cleaner, faster way to trade real-world assets on the blockchain. But new guidance from the US Securities and Exchange Commission brings the discussion back to basics.
The message is simple. Putting a security on a blockchain does not change what it is. The rules still apply, and the structure behind many tokenized stock products now looks more exposed than many assumed.
SEC Is Saying This About Tokenized Securities
In its joint staff statement, the SEC made one point clear. A
We współpracy z: https://www.thecoinrepublic.com/2026/01/29/sec-warning-puts-tokenized-securities-and-alpaca-under-the-microscope/
