Regulation D (Reg D)
SEC Regulation D provides exemptions from securities registration requirements, with Rule 506(c) being the dominant pathway for tokenized security offerings in the United States.
Security Token
A security token is a blockchain-based digital representation of a traditional financial security — equity, debt, real estate, or fund interest — that must comply with US securities laws including registration or exemption requirements.
tZERO — America's Original Digital Securities Exchange
tZERO is the first SEC-approved digital securities ATS, launched in 2019 after raising $134M in its own 2018 security token offering, and currently hosts secondary trading for 15+ tokenized assets.
Vertalo — Cap Table Management for the Tokenization Era
Vertalo is an SEC-registered transfer agent and ATS operator specializing in digital cap table management and token issuance across Ethereum, Tezos, Algorand, and Avalanche for real estate and venture capital STOs.
Regulation D vs Regulation A+: Choosing the Right Exemption for US Token Offerings
Most US security token offerings use Regulation D 506(b) or 506(c). Regulation A+ offers a path to retail investors for up to $75 million, but the SEC review process takes 6-9 months. This guide maps the regulatory pathways available to US token issuers in 2026.