{"id":22112,"date":"2024-06-06T16:00:14","date_gmt":"2024-06-06T13:00:14","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22112"},"modified":"2024-06-06T09:35:14","modified_gmt":"2024-06-06T06:35:14","slug":"securitize-ceo-advocates-for-digital-asset-clarity-in-u-s","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/securitize-ceo-advocates-for-digital-asset-clarity-in-u-s\/","title":{"rendered":"Securitize CEO Advocates for Digital Asset Clarity in U.S."},"content":{"rendered":"<p>Testifying at a <a href=\"https:\/\/financialservices.house.gov\/118th-congress-subcommittees\/subcommittee-on-digital-assets-financial-technology-and-inclusion.htm\">House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion<\/a> hearing Wednesday morning, Carlos Domingo, co-founder and CEO of the real-world asset tokenizing company Securitize, urged for clearer <strong>digital asset<\/strong> regulation and expanded privileges for special purpose broker-dealers (SPBDs) handling <strong>digital assets<\/strong> to keep the United States from lagging behind Europe.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/securitize-ceo-advocates-for-digital-asset-clarity-in-u-s\/#Defining_Digital_Assets_and_Tokenized_Securities\" title=\"Defining Digital Assets and Tokenized Securities\">Defining Digital Assets and Tokenized Securities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/securitize-ceo-advocates-for-digital-asset-clarity-in-u-s\/#Challenges_Facing_Special_Purpose_Broker-Dealers\" title=\"Challenges Facing Special Purpose Broker-Dealers\">Challenges Facing Special Purpose Broker-Dealers<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Defining_Digital_Assets_and_Tokenized_Securities\"><\/span>Defining Digital Assets and Tokenized Securities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To set them apart from other <strong>digital assets<\/strong>, Domingo first argued legislators need to define <strong>digital assets<\/strong> and tokenized securities more precisely.<\/p>\n<p><em>&#8220;This lack of clarity is today impeding regulators to really understand the unique traits of compliant tokenized securities and to regulate them accordingly,&#8221;<\/em> he said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Challenges_Facing_Special_Purpose_Broker-Dealers\"><\/span>Challenges Facing Special Purpose Broker-Dealers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Regarding SPBDs, Domingo remarked their framework<em> &#8220;is frustrating, difficult to achieve, limited in scope and temporary.&#8221;<\/em> Institutions approved by the U.S. Securities and Exchange Commission to handle particular securities, including <strong>digital assets<\/strong>, are SPBDs. <em>&#8220;We also think that SPBDs should be allowed to store stablecoins in order to enable quick on-chain transactions between cash and securities. This is not possible today.&#8221;<\/em><\/p>\n<p>Blockchains\u2014public and permissionless as well as private and permissioned\u2014must be able to run tokenized securities, Domingo also noted. He noted that alternative trading platforms such as peer-to&#8211;peer transfers between whitelisted wallets have to be qualified trading venue.<\/p>\n<p>&#8220;<em>Tokenized securities can expedite and condense trading and settlement to near real-time and enable the merger of trading and post-trading activities, eliminating the need for central securities depositories. The European Commission for Europe now uses this model, hence US companies should be able to realize similar efficiencies and capabilities<\/em>,&#8221; Domingo stated in the hearing.<\/p>\n<p><span style=\"color: #0000ff;\"><em>This Might Interest You: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/lugh-halts-euro-stablecoin-amid-mica-regulations\/\">Lugh Halts Euro Stablecoin Amid MiCA Regulations<\/a><\/em><\/span><\/p>\n<p><em>&#8220;These ideas are fundamental for what tokenized securities framework should include,<\/em>&#8221; he said. &#8220;<em>To realize this promise and avoid falling behind Europe and other markets where regulation for tokenized securities is more established, I encourage you to prioritize Legislation or encourage clear SEC guidance that facilitates safe responsible and compliant tokenizing of financial assets as soon as possible.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Testifying at a House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion hearing Wednesday morning, Carlos Domingo, co-founder and CEO of the real-world asset tokenizing company Securitize, urged for clearer digital asset regulation and expanded privileges for special purpose broker-dealers (SPBDs) handling digital assets to keep the United States from lagging behind Europe.<\/p>\n","protected":false},"author":6,"featured_media":22117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6687,6688,5760,6686],"class_list":["post-22112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-carlos-domingo","tag-digital-asset-clarity","tag-digital-assets","tag-securitize"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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