All Articles
entities
SEC — Digital Assets Division and the US Tokenization Regulatory Framework
The SEC is the primary regulator for tokenized securities in the US, with a 2025 policy shift toward industry engagement, a dedicated Crypto Task Force, and $0 in approved tokenized security issuances via S-1 registration as of 2026.
encyclopedia
Securities Act of 1933
The Securities Act of 1933, the foundational US federal securities law, requires that any offer or sale of a security either be registered with the SEC or qualify for an exemption — the framework within which all US tokenized securities offerings must operate.
encyclopedia
The Howey Test
The four-prong test from SEC v. Howey Co. (1946) that determines whether a transaction constitutes an 'investment contract' and thus a security subject to SEC registration.