On March 5, 2026, the Market Structure Subcommittee of the U.S. Securities and Exchange Commission’s (“SEC”) Investor Advisory Committee (“IAC”) released a recommendation regarding the tokenization of equity securities. The recommendation will be discussed and voted on at the IAC’s March 12, 2026 meeting. As discussed below, the IAC cautions against adoption of a “blanket” innovation exemption to existing securities rules in connection with tokenized equity securities.
