tokenization @avalabs 🔺 || former @troweprice || @williamandmary || Opinions are my own & not the views of my employer || 🇺🇸
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1/ As the crypto bull market accelerates, builders, investors, and enjoyoors face a crucial question: what blockchain architecture will fuel the next wave of innovation?
The answer is clear—purpose-built blockchains on @avax will lead the way. Here’s why. 👇
🔗 Full deep dive: medium.com/@ovwoude/swiss-ar…
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The @SECGov 9/17 exemption permits limited onchain trading of U.S.-listed equities but demands venues verify that tokenized stocks provide holders the same rights/privileges as traditional shares, a standard that an issuer-sponsored, register-linked approach is built to meet... kudos to @Bullish on leading this charge.
🚨📈 BULLISH, ALPACA & APEX FORM TOKENIZED STOCK COALITION!
THE ISSUER SPONSORED TOKEN COALITION AIMs TO LINK ONCHAIN SHARES TO OFFICIAL SHAREHOLDER REGISTERS, PRESERVING OWNERSHIP RIGHTS AND CORPORATE ACTIONS.
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The @SECGov innovation exemption is the agency filling a hole Congress left open...
Chair Atkins ties the order directly to the Senate’s failure to advance the CLARITY Act. That is a candid description of timing, but it also presages the next 5 years: mkt structure for tokenized NMS stock will be written in exemptive conditions, staff interpretations, etc.
the durability question is it is whether a later Commission can unwind the pilot w/o stranding onchain inventory + AMM liquidity
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As @andrewcuomo writes, tokenization is an economic issues vs merely a legal one. Capital/talent will go where the rules are clear and lasting.. a 5-year exemption is better than nothing, but firms building multi-year infra still have to price in the chance that the next commission or court shift their views.
I’ve now seen the evolution of financial technology from both sides — as a regulator and as a participant in the industry through my work with @okx and @ICE_Markets.
In @FortuneMagazine, I write about tokenization, regulatory uncertainty, and what the U.S. needs to do to remain competitive as financial markets evolve.
fortune.com/2026/09/25/andre…
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Thanks for the feature at @avax summit, @therollupco !
What The SEC's Tokenization Exemption Actually Does (Full Breakdown) with @cryptoreine Tokenization Lead at @avax
Timestamps
00:00 Intro
02:08 Avalanche Architecture Built For Business
04:12 1500 Fintechs Being Targeted By Olivia
06:13 Tokenization Exemption Comment Period Open
08:14 Three Models Of Tokenized Equities Explained
10:33 Synthetics Got To Market First And Fastest
12:44 Robinhood Stock Tokens Outside SEC Purview
14:55 Bullish Closing On Liquidity Acquisition
16:22 SEC Finally Listening Gensler Era Is Over
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Olivia Vande Woude retweeted
The tokenisation market doesn’t need 40 settlement layers.
The consolidation trend is obvious, and the leaders are becoming clear.
With Olivia @cryptoreine of @AvaLabs, we discussed which blockchains will capture most RWA settlement.👇
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This matters bc tokenized Treasuries, mmfs can now sit in futures customer segregated accounts, vs a crypto venue. That pool is massive; it is where idle margin lives. Once a token is eligible there, it can become working cash/collateral. Staff still require the token to carry the same legal rights as the offchain asset, and reg 1.25 still decides what is allowed
NEW: CFTC staff updated its crypto FAQs to address customer funds invested in tokenized assets and the use of blockchain technology to satisfy recordkeeping requirements.
Chairman Michael Selig says the changes are part of the agency’s efforts to provide “regulatory clarity for the crypto industry.”
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This is what picking a side looks like after the distinction the @SECGov just made: tokens that are the share vs tokens that track the share
BREAKING: Bullish, Equiniti, Alpaca, Apex Fintech and DriveWealth form the Issuer Sponsored Token Coalition to advance tokenized securities. This follows the SEC's innovation exemption for tokenized stock trading.
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The Issuer Sponsored Token Coalition is a working group of Bullish, Equiniti, Alpaca, Apex Fintech Solutions, DriveWealth. Its aim is issuer-sponsored tokenized shares that sit on the issuer’s official register and keep real shareholder rights, including voting // corporate-action entitlements such as dividends. That requires custody, settlement, conversion rails b/t tradtl mkts and the onchain world.
It is not an exchange, listings program, or a roster of companies authorizing tokenized stock. No issuer joined at launch; no standards yet published... next announced step is an NYSE mtg with issuers late October.
Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth teamed up to form an industry group focused on issuer-sponsored tokenized securities.
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The @SECGov Innovation Exemption covers tokens that carry the same rights as the listed stock… dividends, voting, the rest. If that token is meant to be the share, the company’s official shareholder list has to stay accurate. Brokers track beneficial owners, exchanges match trades… the transfer agent keeps the legal register.
@Equiniti does that job, which is why it sits at the center of this coalition. It is not the only transfer agent, and the exemption does not require this model but this group is built around the firm that already runs the list.
Today, Bullish and @Equiniti launched the Issuer Sponsored Token Coalition.
@AlpacaHQ, @ApexFintech and @DriveWealth are the first participants, bringing together leading brokerage, trading and market infrastructure firms to help advance issuer-sponsored tokenized securities.
The coalition will develop the technical standards, infrastructure and operating frameworks needed for issuer-sponsored tokenized securities to scale alongside, and interoperate with, existing capital markets.
The launch follows the SEC’s Sept. 17 Innovation Exemption, a five-year framework for on-chain trading of tokenized U.S.-listed stocks.
Under the framework, venues must verify that token holders receive the same rights as holders of the underlying shares, while issuers can object to third-party tokenization.
Issuer-sponsored tokens meet that standard by design.
They are issued with the issuer's participation and connect directly to its shareholder register, preserving shareholder rights, corporate-action entitlements and investor protections.
The coalition is open and non-exclusive, with additional participants to be announced in the coming weeks.
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Blockfather @el33th4xor
Avalanche's co-founder helped build a proof-of-work currency six years before Bitcoin...
Emin Gün Sirer (@el33th4xor) co-designed Karma at Cornell in 2003 with two of his students. His bios call it the first currency to mint coins through proof-of-work, though Wei Dai's 1998 b-money proposal sketched the idea earlier.
Karma aimed to stop freeloading on file-sharing networks by tracking what each user gave and took, long before Bitcoin introduced proof-of-work money.
In 2013, he and Ittay Eyal found a flaw in Bitcoin's mining rules. A group of miners could secretly hold back the blocks they found, then release them at the right moment to wipe out rivals' work. Even a minority of miners could earn more than they should. The attack is now known as "selfish mining".
He later co-founded @AvaLabs, the company behind Avalanche (@avax), and still runs it as CEO.
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Morgan says institutions choose Avalanche when they need customizable financial infrastructure.
“Institutions are building collateral mobility applications, exchanges, and other applications.”
“They require ultra high throughput.”
“Isolated throughput.”
“Predictable transaction costs.”
“Permissioning.”
“But importantly, they still need to be connected to USDC, USDT, and other tokenized assets.”
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Olivia Vande Woude retweeted
Join us tomorrow!
Curious what's driving Avalanche right now?
Tune in tomorrow at 12:30pm ET to hear @JohnNahas84 @RasterlyRock, and @CamKhosravi break it down.
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Shared markets + private trades can live on the same network.
On @avax, firms keep pooled liquidity while amounts and names stay encrypted. The network confirms each trade is valid w/o reading the numbers.
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Need your data to stay in 1 country?
On @avax, you decide where every copy lives: 1 country, data center, or your own servers.
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The @SECGov innovation exemption on tokenized equities does 2 things: 1) qualifying venue doesn’t have to register as an exchange, 2) qualifying firms that put their own money in the pool don’t have to register as dealers.
It doesn’t answer:
-Can a broker hold the token for a customer?
-Does the app/website have to register as a broker?
-Does Reg NMS (best ex, the tape) apply?
-Is the pool, the LP token, or a tokenized ETF an investment company?
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Every bank and asset manager I talk to asks the same question about putting assets onchain: who else can see our trades?
On @avax, institutions choose the answer from 3 privacy setups.
> Walled Garden closes the network so only approved members can see it, which fits closed consortia and single institution tokenization.
> A Partitioned Ledger gives each pair of trading partners its own private record, so nobody else sees the amount, the names, or the timing, which fits bilateral repo, FX netting, and interbank clearing.
> Encrypted Settlement keeps everyone on 1 shared network with pooled liquidity, while amounts and counterparties stay encrypted and the network still verifies each trade, which fits tokenized assets and digital bonds.
Your trades settle onchain; positions stay private.
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RWA liquidators on @avax also looking good
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Excited about the @SECGov innovation exemption but cognizant of the fact it's not finished mkt structure.
The SEC is using Section 36 relief b/c legislation stalled. That is faster than waiting for Congress, but it is also fragile: an order can be narrowed, allowed to lapse, or rewritten by a later Commission.
A 5-year exemption is political risk.
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