SEC Publishes First Crypto Fundraising Rule in 90 Years; Tokenized Stocks Blocked by Reg NMS - Tech Times

The U.S. Securities and Exchange Commission (SEC) has published its first dedicated rule for crypto fundraising in nine decades, marking a formal step toward integrating digital assets into the federal securities framework. While the rule’s specific parameters are still being parsed, its significance lies in providing a compliance pathway for companies seeking to raise capital via blockchain-based instruments. For the market, this reduces some legal uncertainty around crypto offerings, potentially widening investor access to early-stage digital asset projects under SEC oversight.

At the same time, the report highlights a sharp boundary: tokenized stocks—securities representing traditional equities on a blockchain—face a structural hurdle under Regulation NMS. That rule’s order protection and best-execution requirements are designed for a centralized national market system, making it difficult for tokenized shares to trade on alternative venues without violating those mandates. The practical effect is a clear regulatory divide: crypto-native fundraising gains a formal route, while tokenized versions of existing stocks remain largely constrained. Investors should watch how the SEC reconciles these frameworks in future guidance, as the distinction shapes which digital assets can operate within the regulated market infrastructure.