Tokenization
Tokenization is a new way of representing, recording, transferring, and managing financial assets through distributed ledger technology. Tokenization is the next era of capital markets infrastructure – and the United States must lead it.
Just as the shift to electronic trading transformed markets in the 1990s, tokenization represents the next step in that evolution. Unfit or duplicative regulations risk pushing tokenized asset development offshore and ceding U.S. leadership of the next generation of capital markets.
U.S. Leadership
The question is not whether tokenization infrastructure will be developed but where. BA’s goal is to ensure the answer is in the United States.
Regulatory Parity
Tokenized securities are still securities. Rules should apply consistently based on the asset type, not the technology on which the asset is represented. Policy should not burden consumers or markets with duplicative or ill-suited requirements.
A Modernized Framework
Policy should reflect the changes to settlement and risk associated with tokenized products. Traditional market rules were designed for delayed settlement and multiple intermediaries. When assets and payments can move together in a single transparent transaction, those legacy risks are reduced. The rules should match the risks that are actually present.
Tokenization Working Group
Blockchain Association recently launched a dedicated Tokenization Working Group to bring industry leaders together to engage with policymakers and regulators, ensure responsible ecosystem development, and shape the future of tokenized capital markets.
Congressional Testimony & Engagement
In March 2026, we testified before the House Financial Services Committee on why tokenization matters for the future of U.S. capital markets, articulating how blockchain infrastructure differs from legacy market systems and what regulatory frameworks are needed to support responsible innovation in tokenized products.
Legislative & Regulatory Advocacy
We engage with the SEC and Congress to ensure that investors in tokenized securities remain subject to existing protections while applying these rules in a way that reflects how onchain infrastructure actually works. This includes the critical distinction between traditional intermediaries and programmable financial architecture that does not exercise custody or control over user assets.
Blockchain Association Comment on SEC’s Proposal of Regulation NMS
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Tokenization is coming, but the US may lose the chance to write its rules
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Blockchain Association Letter to SEC Crypto Task Force on Third-Party Tokenization of Publicly Traded Securities
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