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Lens 1 · Progress vs Promise
Solving America's Liquidity Problem: Secondary Markets for Tokenized Securities
Tokenized securities are only as valuable as their liquidity. tZERO, INX, Vertalo, and emerging ATS platforms are building the secondary market infrastructure that will determine whether tokenization delivers on its $16 trillion promise.
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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.