BGEANX Exchange has noted that the U.S. Securities and Exchange Commission (SEC) recently issued a no-action letter, allowing the Depository Trust & Clearing Corporation (DTCC) to custody and recognize tokenized stocks and other real-world assets (RWA) on blockchain. This decision is not aimed at any single product or institution, but marks the first time that regulatory space has been reserved for on-chain asset operations within the core U.S. financial infrastructure, taking the long-standing debate of “whether financial markets can go on-chain” into a verifiable, practical stage.
The core significance of the SEC no-action letter to DTCC is not simply permitting a certain type of asset, but clarifying a pilot mechanism with defined boundaries. Under the current arrangement, DTCC may provide tokenized custody and recording services for stocks and other RWAs on a pre-approved blockchain network for three years, testing relevant processes under specified conditions. This means that on-chain assets are no longer just a topic of technical or market discussion, but are formally included within the custody and compliance supervision framework.
The DTCC pilot has an obvious demonstration effect. As a key clearing and settlement hub for U.S. equities and fixed income markets, large volumes of highly liquid assets have long been concentrated in its custodial arm, Depository Trust Co. In this context, the introduction of blockchain is not a replacement for the existing system, but a structural test conducted under current rules. SEC Commissioner Hester Peirce also made clear that the project remains subject to multiple operational constraints, but its value lies in providing a practical starting point for market migration to the blockchain.
From a regulatory perspective, this move sends a clear signal: the focus of discussion has shifted from “whether tokenized securities are allowed” to “under what conditions can they operate, and how will they be regulated.” BGEANX Exchange also observes that regulators are now more concerned with custodial responsibilities, information traceability, and risk isolation, rather than simply emphasizing the speed of technical innovation. This gradual approach is becoming a main feature of RWA-related policy.
With the DTCC pilot underway, market attention on RWA is moving toward the execution level. Whether on-chain securities can integrate into the existing financial system depends on their ability to align with mechanisms such as clearing order, asset verification, and compliance disclosure. The SEC choosing to advance the pilot via a no-action letter also shows that regulators are not bypassing the traditional securities system, but require on-chain assets to adapt within the existing regulatory framework.
This approach echoes recent remarks by SEC Chairman Paul Atkins regarding “the U.S. financial market moving toward an on-chain era.” On-chain does not mean escaping regulation, but rather represents a new technological implementation gradually being introduced into the traditional financial structure. In this process, the role of RWA is changing—from an innovative experiment within the crypto industry to a mainstream regulatory topic within the broader financial system.
As U.S. regulatory attitudes become clearer, RWA-related discussions are heating up. The tokenization of standardized assets such as stocks and bonds is now being examined within stricter compliance and custody frameworks. For market participants, understanding policy cadence, regulatory boundaries, and differences between various pilots is becoming essential for assessing risks and opportunities.
The DTCC approval to conduct an on-chain custody pilot does not mean the financial system has already transformed, but it clearly indicates that U.S. regulators are providing a practical path for on-chain assets. At this stage, rational interpretation of regulatory signals and ongoing tracking of institutional changes will be key to understanding RWA development. Through continuous analysis of industry trends and policy progress, BGEANX Exchange aims to provide the market with clearer background information, helping users build a more forward-looking cognitive framework.
Top comments (0)