The US Securities and Exchange Commission has confirmed the 'no-action' status for the central depository-clearing infrastructure, paving the way for the tokenization service of rights to assets already accounted for in traditional depository records. Under the three-year controlled production regime, participants will be able to register approved blockchain addresses, tokenize recorded rights, and conduct operations on pre-approved networks. The key milestone is the launch of the basic version of the service in the second half of 2026. This is not an experiment in a 'sandbox', but a formalization of procedures that link on-chain accounting to existing reporting and risk management standards.
The essence of the innovation is that not the papers themselves are tokenized, but the 'tokenized rights' to them: digital representations must preserve the equivalent of rights, investor protection, and the order of ownership adopted in the traditional system. Access will require participant status, adherence to identification procedures, and conducting operations through registered wallets. This design removes the main barrier between on-chain operations and traditional post-trade: it allows for the establishment of delivery versus payment, reduces reconciliation cycles, and automates corporate actions in a programmable format without discrepancies with the underlying registry.
Practical effects are already visible at the deployment stage. The infrastructure will have the ability to process instant settlement scenarios, flexible asset segregation, and transparent ownership chains, while participants will experience quick liquidity turnover between strategies, including money market strategies. For the industry, this means a transition from point pilots to a scalable model, where different classes of instruments can operate under the same rules — from stocks and bonds to equity shares — while adhering to existing regulations. This is why the focus on H2 2026 is important: it sets the overall timeline for the integration of blockchain rails with current operational processes.
Risks do not disappear: requirements for the resilience of smart contracts, cybersecurity, network compatibility, and accurate reporting across all lines of control remain. However, the regulator's decision demonstrates that the 'digital form' of assets can fit within the framework of the existing infrastructure — without compromises on risk management. The next stage is the substantive work of participants: setting up gateways, test batches of assets, KPIs for settlement speed, and reducing operational costs. If these metrics are confirmed, tokenization will cease to be a niche technology and will become a standard way of delivering ownership rights within an accepted market model.