Hester Peirce: Tokenized securities are still securities and must comply with current regulations

U.S. Securities and Exchange Commissioner Hester Peirce issued a statement on July 9, 2025, noting that although blockchain has promoted the "tokenization" of securities, which helps with financing and asset collateralization, tokenized securities are still securities in nature and must comply with federal securities laws. She stated that issuers can tokenize shares themselves, or third parties can issue tokens based on custodial assets, which may raise issues such as counterparty risk or unclear legal structures. Some tokens may be considered "securities receipts" or "security-based swap agreements," which may violate regulations when retail transactions are involved. [Wu Shuo]