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Lens 5 · Regulatory Context
SEC and Tokenization in 2026: The Complete Regulatory Landscape for Digital Securities in America
From the Howey Test to SAB 121's reversal, from Reg D token offerings to ATS registration — the SEC's evolving stance on tokenized securities defines where $16 trillion in institutional capital will flow.
encyclopedia
Utility Token
A utility token is a blockchain-based token that provides access to a product or service rather than representing an investment — and therefore potentially falls outside SEC securities regulation, though the distinction is heavily fact-dependent and contested.