SEC Commissioner Discusses Progress on Treasury Clearing Rules and Tokenization

U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda addressed the 2026 Asset Management Derivatives Forum, focusing on the progress of implementing treasury clearing rules and the development of tokenization in securities markets. According to ChainCatcher, the SEC has approved the registration of two new clearing agencies, CME Securities Clearing and ICE Clear Credit, providing market participants with more clearing options. Data from the Office of Financial Research indicates that if the rules are implemented within the first eight months of 2025, U.S. global systemically important banks could potentially free up an average of $34.5 billion in balance sheet space. Regarding tokenization, Uyeda noted that the SEC has shifted from using enforcement as the primary means of expressing views, opting instead for regulatory guidance and exemption orders to promote limited-scope pilots. He emphasized that SEC rules should remain technology-neutral, focusing on outcomes rather than processes, while ensuring appropriate investor protection measures.