SEC Chairman: Tokenized securities remain subject to federal securities laws; distributed ledger technology may bring multiple opportunities to the financial industry.

On March 12, U.S. SEC Chairman Paul Atkins, during an appearance on the All-In Podcast, stated that from his perspective, distributed ledger technology (DLT) offers numerous potential advantages to the financial services industry. The industry is currently at a critical juncture, poised to achieve T+0 settlement, meaning near-real-time delivery and payment, and even direct payments via on-chain digital assets. He described this prospect as "very exciting," but noted that certain "deceleration mechanisms" might still be necessary to mitigate risks such as fraud. However, he also pointed out that this model faces challenges, such as liquidity issues. How the concept of "best bid and ask price" in traditional markets should be reflected in the new trading architecture remains a crucial issue. Atkins emphasized that the SEC's fundamental principle is that if an asset is inherently a security, even if it is tokenized, its legal status remains that of a security, and it must still comply with federal securities laws. At the same time, regulators have a responsibility to ensure that existing rules adapt to new application scenarios. As the purpose of transactions and settlement methods change, the regulatory system also needs to be adjusted accordingly. He stated that the SEC is currently reviewing existing regulatory rules one by one to assess their suitability for the emerging technology environment and will update them at the institutional level as necessary.