President of Securitize; Founder PFMA; Formerly: Coinbase Head of Capital Markets; SEC Director of Trading & Markets; JP Morgan, Global Head of Market Structure
New York
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We will continue to build responsibly, to future-proof our offering of tokenized securities, and will be prepared for potential political changes, as this ecosystem continues to grow and flourish.
The Clarity Act failed to advance in the Senate after receiving just 49 YES votes.
Two months ago, Brett Redfearn (@Observatory13), President of @Securitize and former SEC Director of Trading and Markets, told us why responsible building matters even more in a moment like this.
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1/ Something else I will never forget (a belated September 11th thread ... and February 26, 1993)
In 1993, I worked on the 54th floor of the World Trade Center when a Ryder van packed with explosives detonated in the garage beneath the North Tower. Six people died, over a thousand were hurt, and thousands of us evacuated for hours down crowded, smoke-filled stairwells with no idea what had happened. The bombers' goal was to topple the North Tower into the South Tower and bring down both. That time, they failed.
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6/ I'm as pro-economic-freedom as anyone — but when I think back about being trapped 54 floors up in a stairwell full of smoke, or watching an iconic symbol of American capitalism crash down, I understand the need for certain guardrails. Blockchain and tokenization can and will still deliver numerous benefits: instant settlement, 24/7 markets, access to US stocks for investors worldwide who don't have it today, less intermediation, collateral mobility, and more. But we don't have to make it easier for terrorists and other illicit actors to transfer securities, wash money, and manipulate our financial markets to get there.
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Brett W. Redfearn retweeted
"Is this Al-Qaeda and Hamas who are voting my shares?" That's the question Brett Redfearn ( @Observatory13 ) says nobody can answer once a stock token goes to a non-KYC wallet. 🗳️🔐
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"Once a share token sits in a non-KYC wallet, the connection between the beneficial owner and the corporate issuer effectively dissolves. The issuer doesn’t know who holds the share. The platform that created the token may not know either. And if nobody knows who holds it, nobody can answer who gets to exercise the governance rights attached to it." cryptobriefing.com/securitiz…
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As the debate around @Robinhood's AMC tokenized stock heats up with @CEOAdam, @vladtenev, and @RobinhoodCrypto — and the broader conversation about how tokenization can benefit both issuers and investors keeps evolving — it was great to join @LauraShin this morning to talk about how Securitize is bringing the stock market onchain the right way.
nitter.net/i/broadcasts/1RKZzBXAg…
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Who Gets to Tokenize a Stock Without Asking? nitter.net/i/broadcasts/1DxLdZVjo…
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RT @laurashin: AMC's CEO called Robinhood's stock tokens "vile." Robinhood's CLO told him to send lawyers.
Brett Redfearn ( @Observatory13…
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This is worth a read. The "permissionless" issue — transfers to non-KYC'd wallets globally — is one of the more significant developments in tokenized securities markets. Freedom from excessive government oversight is great, but market manipulation, terrorist financing, and illicit finance are not. This is one of the more important policy questions for @SECGov and regulators as finance moves on-chain. Let's get it right.
1/ Permissionless tokenized "stocks" are being sold as the future.
They are not. Many aren't even backed by underlying assets.
It's stocks before 1929 again but with smart contract wrappers.
We've run this experiment before and it ended badly for everyone.
Read on.
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Brett W. Redfearn retweeted
Today, the SEC announced a proposal to modernize the rules governing registered transfer agents. We are encouraged to see the Commission recognize that these rules should evolve as the industry adopts new technologies, including blockchain.
As the first operational transfer agent leveraging blockchain technology, we have always believed that transfer agents are a critical part of market infrastructure, in fact, it’s something we said in our initial response to the SEC’s Crypto Task Force:
“Transfer agent rules need to be modernized to leverage the power of tokenized securities, including using a public blockchain, as augmented by the transfer agent.”
Modernization should raise standards, not lower them. Updating the regulatory framework to reflect how securities markets and their underlying technology are evolving is exactly the right move.
Credit to Chairman Atkins, Director Jamie Selway, Commissioner Hester Peirce, and the SEC for continuing to move the regulatory framework forward. This regulatory momentum, alongside real industry adoption, is a strong tailwind for digital securities.
We will submit comments during the public comment period and look forward to engaging with the Commission.
TODAY🚨: The SEC proposed to update the rules and forms that apply to registered transfer agents.
Read more: sec.gov/newsroom/press-relea…
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Great conversation with @imyoungsparks of @TheBlockPods at @SALTConference in Wyoming last week about opportunities for @Securitize and the future of tokenization in America. We covered a lot in a short window: the CLARITY Act, the @SECGov's Innovation Exemption, SECZ on-chain trading, and how we're building the infrastructure and services finance will need as securities move on-chain.
The Block Media
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Brett W. Redfearn retweeted
I’m very excited for this interview to drop
THE BLOCK: Securitize President Brett Redfearn says the SEC pulled back its crypto innovation exemption last Friday over concerns about the Clarity Act vote.
Redfearn expects the rule to come after the Senate’s Sept. 15 vote, likely in early October.
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