The U.S. Securities and Exchange Commission’s Division of Trading and Markets outlined a three-year agenda under Chairman Atkins centered on four projects: creating a framework for investors to access tokenized securities, further harmonizing SEC rules with the Commodity Futures Trading Commission (CFTC), supporting industry efforts to move equity markets toward 24-by-7 operation, and modernizing legacy rules to improve efficiency, competition and investor costs. On tokenized securities, the Division highlighted recent staff actions including a no-action letter to The Depository Trust Company for tokenized security services and staff statements on custody and trading, and said it will advance Commission rulemaking proposals starting with financial responsibility, recordkeeping and market structure while coordinating with self-regulatory organizations to extend their operations to tokenized securities. The harmonization work with the CFTC will span digital assets and event contracts as well as traditional-market requirements, aiming for operational, capital and compliance efficiencies. For rule modernisation, current examples include efforts to reduce costs and improve governance of the Consolidated Audit Trail and to streamline the National Market System through modernization of Rule 611 (the Trade-Through Rule). The Division indicated it will continue considering staff action where appropriate and urged market participants to engage early as rulemaking proposals are developed.

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