SEC Publishes First Crypto Fundraising Rule in 90 Years; Tokenized Stocks Blocked by Reg NMS - Tech Times

The SEC has taken a historic step by publishing its first dedicated rule for crypto fundraising in 90 years. This rule establishes a formal regulatory pathway for digital asset issuers to raise capital under federal securities laws, marking a clear departure from the prior guidance-based approach. For market participants, this represents a significant attempt to integrate blockchain-based fundraising into the existing compliance framework, offering issuers a defined route to solicit investment without running afoul of securities regulations.

At the same time, the SEC’s position reinforces that tokenized stocks—traditional equities represented on blockchain—remain outside the current market structure. Regulation NMS, which governs the trading of national market system stocks, requires these securities to be traded on registered exchanges. As a result, blockchain-based tokens that mimic individual equities cannot bypass the established trading venues, effectively blocking their secondary-market exchange.

The market relevance is twofold. For issuers, the new rule may unlock compliant token offerings, while investors gain a clearer picture of what is and isn’t permissible. For tokenized securities, the existing regulatory architecture remains a barrier until rules are updated to accommodate blockchain-based trading. Observers should watch for further SEC guidance that bridges the gap between traditional market infrastructure and emerging digital asset innovations.