Behind the closed doors: what the SEC and Nyse really discussed the tokenized actions and cryptographic regulation
On June 24, 2025, a confidential but critical meeting was held between the Crypto Task Force of the US Securities and Securities Commission (SEC) and senior executives of the New York Stock Exchange (NYSE). The meeting, although behind closed doors, is considered a significant turning point in the configuration of the future of tokenized financial assets and regulatory clarity in the United States.
The SEC, under the guidance of interim president Mark Uyeda and Commissioner Hester Peirce, has been looking for ways to create a leveling playing field for digital and traditional financial products. With tokenized actions and the products quoted in the stock market (ETP) based on cryptographic that won traction, this meeting marked a fundamental moment for alignment between traditional financial infrastructure and emerging digital markets.
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| Source: OFFICIAL DESIGNATION OF THE SEC |
The SEC cryptographic working group was established earlier this year to serve as a bridge between digital asset innovators and US regulatory authorities. His mandate is to offer clarity, propose rules with vision of the future and promote dialogue with interested parties. The Commissioner Peirce, often called “cryptographic mother” for its pro-initiation position, has emphasized the need to avoid quelling blockchain innovation with obsolete frames.
During the June 24 session, it is reported that the discussions focused on the trade of tokenized actions, the cryptographic ETP, the classification of assets and the creation of standardized compliance frameworks. These elements are crucial to open the doors to institutional participation and consumer confidence in the economy of tokenized assets.
Tokenized actions allow traditional actions to be issued and negotiated in blockchain networks. These instruments can provide an almost instantaneous liquidation, transparency, fractional property and 24/7 access, characteristics to a large extent not available in inherited stock markets. However, they also ask questions about custody, compliance and dissemination that current rules were not designed to address.
For ETPs backed by cryptographic assets such as Bitcoin or Ethereum, consistent standards are still difficult to achieve. The recent approvals of the ETF Spot Bitcoin in the United States have opened the gates for broader cryptographic investment vehicles. But without clear registration routes or unified dissemination requirements, Cryptographic -based ETPs are still browsing a regulatory gray area.
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| Source: Sec. |
The SEC’s task force and Nyse interested parties seem committed to ensuring that the rules applied to traditional financial products are also appropriate for their tokenized equivalents. This means that companies that offer tokenized assets must follow the similar requirements of listings, shops and reports, while also addressing specific blockchain considerations, such as the safety of intelligent contracts and governance in the chain.
One of the most discussed elements was the concept of regulatory equivalence. If a tokenized security behaves as a traditional security, offering claims about property, dividends or governance, it must be regulated in the same way. At the same time, the unique properties of cryptography, such as decentralization and autocustody, require flexible models that do not hinder innovation.
Another key idea raised was an exentive relief for experimental cryptographic projects. The interim president, Uyeda, has proposed “temporary regulatory sandboxes” that would allow certain digital assets or platforms to operate under provisional frameworks, giving time to the SEC to study the results before applying total compliance. This approach could be especially useful for pilot programs that involve tokenized actions.
As regulatory pressure increases worldwide, many see this meeting as a response to the growing domain of other financial centers, such as the regulation of the European Union’s Mica or the impulse of Hong Kong to become a cryptographic center. By participating early and shaping reflexive rules, the SEC hopes to retain the leadership of the United States in financial innovation.
A significant aspect of the meeting was institutional access and market integrity. With more companies, including Blackrock, Fidelity and Invesco, entering the cryptographic space, there is a growing need to guarantee the protection of investors, the transparency of prices and compliance with laws against money laundering. The SEC emphasized that there must be robust safeguards before these assets reach the mass market.
The NYSE is exploring several models to integrate tokenized actions, including dual lists (block chain and traditional exchange), blockchain frames permits for private offers and blockchain -based liquidation systems. These initiatives could remodel how capital markets operate, reducing costs and increasing accessibility for both issues and investors.
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| Source: Sec. |
However, not everyone is convinced. Critics argue that token could fragment liquidity, create regulatory arbitration and challenge the domain of traditional exchanges. Even so, the proponents believe that these technologies offer the necessary efficiency gains for the next generation of finance.
The meeting also addressed the asset classification. If a token is security, basic products or utility is crucial for regulatory compliance. The “Howey Test” of the SEC has proven to be difficult to apply consistently to digital assets, which leads to years of legal uncertainty. Commissioner Peirce has defended the idea of creating new legal categories adapted to blockchain -based assets.
Ultimately, the meeting reinforced a central principle: regulation should not favor or penalize an asset based on the technology used to issue it. The objective is to treat all functionally similar assets equally, ensuring the protection of investors and market stability regardless of the asset.
Looking towards the future, the Crypto task force plans to launch a series of public consultation documents to collect comments on tokenization standards, Crypto ETP guidelines and Sandbox models. Industry participants are encouraged, including new Fintech companies and institutional investors, to contribute to the regulation process.
If the SEC successfully develops a balanced and predictable frame for tokenized assets, it could pave the way for a broader adoption of blockchain in finance. From agreement 24/7 to programmable financial instruments, potential benefits are enormous, but only if innovation and compliance go hand in hand.
The result of this meeting could also influence global policy, since other regulators seek the signals on how to manage tokenized assets. The clarity of the United States can unlock new capital waves in blockchain infrastructure, attract international innovatives and give rise to hybrid markets that combine the best of digital and traditional finances.
For now, all eyes remain in the SEC and NYSE. The private nature of the June 24 meeting raises questions, but the message is clear: the future of finance is touched, and the rules to govern it are finally taking shape.
Writer
@Ellena
Ellena is an experienced cryptographic writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides information about the latest trends and innovations in the currency space.
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