SEC Commissioner Acknowledges Potential Benefits of Asset Tokenization

According to BlockBeats, Mark Uyeda, a member of the U.S. Securities and Exchange Commission, has acknowledged the potential benefits of asset tokenization, including the tokenization of securities. Uyeda stated on June 14 that representing property rights with digital tokens on the blockchain could provide 'security, transparency, and immutability'. He further noted that tokenization eliminates the need for intermediary institutions, thereby simplifying transactions and reducing transaction costs. Uyeda referred to tokenization as part of a broader technological advancement, pointing out that 'new technologies and innovations may provide further efficiency for our global markets and investors'. Meanwhile, the Bank for International Settlements recently announced that tokenization and Central Bank Digital Currencies (CBDC) are areas of focus for regulators in 2024. Global consulting firm Roland Berger stated in October 2023 that by 2030, the tokenization market, currently valued at $300 billion, could reach $10 trillion.