Wall Street Transfer Agentları SEC'ye Yönelik Çağrı: Üçüncü

As the competition to tokenize capital markets intensifies, the Securities Transfer Association (STA) has urged the U.S. Securities and Exchange Commission (SEC) to prioritize issuer-sponsored tokenized securities over third-party tokens, citing risks to market integrity and investor protection. The trade group, representing major Wall Street institutions, argues that blockchain-based shares must be directly authorized by issuers and recorded in official shareholder registers to ensure legal clarity and operational efficiency.

Regülasyonel Temelde Doğru Mimari

The STA's letter emphasizes that issuer-sponsored tokens offer fundamental advantages over synthetic or custodial models. Key points include:

■Issuer-Sponsored Tokens, where companies directly authorize blockchain-based shares, align with traditional securities frameworks and grant investors full legal rights.

■Third-party synthetic models, such as those by Ondo Finance and Kraken's xStocks, expose holders to platform, custody, and counterparty risks without direct issuer relationships.

■The SEC's January staff statement acknowledged distinctions between custodial and synthetic tokenization but lacks binding regulatory weight.

■Current Direct Registration System (DRS) processes are deemed too slow for tokenized markets, necessitating collaboration with DTCC for streamlined transfers.

Piyasa Bütünlüğüne Tehdit Oluşturan Riskler

The letter highlights investor confusion and weakened shareholder rights as critical concerns. Notable examples include:

■OpenAI publicly distancing itself from Robinhood's tokenized product, clarifying no approval or equity representation existed.

■Equiniti CEO Dan Kramer warned that unauthorized tokens are "synthetic instruments" lacking issuer recourse.

■Computershare, serving over half of S&P 500 companies, stressed the need for clear distinctions between legitimate tokenization and "wrapper-style products."

Yeni Yol Haritası ve Stratejik Hareketler

While Dinari pioneered custodial tokenization with SEC broker-dealer registration, major players like Coinbase, Nasdaq, and NYSE are advancing tokenized securities initiatives. The DTCC plans to test its platform in July, aiming to preserve legal protections while enabling blockchain integration. However, critics argue synthetic tokens fragment markets and complicate oversight, as noted by Securitize CEO Carlos Domingo.

Piyasa bütünlüğü için regülasyonel netlik şart. Üçüncü taraf tokenler, yalın teknoloji vaatlerinin ötesinde yasal riskler yaratıyor. SEC'nin doğrudan onaylı modellerle çerçeve oluşturması, yatırımcılar için daha güvenli bir yol haritası sunacaktır.