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.
Chamber of Digital Commerce
The Chamber of Digital Commerce is the world's largest blockchain trade association, advocating for pro-innovation digital asset policy in Congress and with federal regulators — serving as the leading industry voice for crypto-native companies in Washington since 2014.
SAB 121 — Staff Accounting Bulletin on Crypto Custody
SEC Staff Accounting Bulletin 121 (March 2022) required entities holding crypto in custody to recognize both an asset and an equivalent liability on their balance sheet, effectively doubling the capital cost of bank crypto custody — a burden reversed by SEC leadership in January 2025.
SIFMA — Securities Industry and Financial Markets Association
SIFMA is the leading US capital markets trade association representing broker-dealers, banks, and asset managers — and its Digital Assets Committee and regulatory engagement directly shape SEC and Congressional approaches to tokenized securities.
SAB 121 Reversal: What the SEC's Accounting Rule Change Means for Bank Digital Asset Custody
The SEC's reversal of Staff Accounting Bulletin 121 in January 2025 removed the punitive balance sheet treatment that had kept major banks out of digital asset custody. BNY Mellon, State Street, and JPMorgan can now compete directly with Coinbase Prime and Anchorage.