SEC Commissioner Uyeda: Tokenization in the securities market requires technology-neutral regulation; enforcement-led approach has ceased.

 Mark T. Uyeda, a commissioner of the U.S. Securities and Exchange Commission (SEC), delivered a speech at the 2026 Asset Management Derivatives Forum, focusing on the progress of implementing government bond clearing rules and the development of tokenization in the securities market.

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 shows that if the rules are implemented in the first eight months of 2025, the average global systemically important banks in the U.S. could release $34.5 billion in balance sheet space.

Regarding tokenization, Uyeda stated that the SEC has stopped using enforcement as the primary way to express views and has instead promoted limited pilot programs through regulatory guidance and exemption orders. He emphasized that SEC rules should remain technology-neutral, focus on outcomes rather than processes, while ensuring appropriate investor protection measures.