How U.S. securities law treats tokenized securities, crypto assets, and stablecoins as of late 2026, from the SEC's token taxonomy to offering paths, trading venues, custody, and settlement.
0 of 5 lessons complete
Tokenization puts the ownership record of an asset on a blockchain or similar ledger. For issuers and investors, the hard questions are legal rather than technical: whether a token is a security, which offering exemption fits, where it can trade, who may hold it, and what money settles the trade. This course walks through the U.S. framework as it stood on November 2, 2026, including the SEC's March 2026 interpretation joined by the CFTC, the proposed Regulation Crypto Assets, the September 2026 Innovation Exemption for tokenized NMS stocks, staff custody views for broker-dealers, and the GENIUS Act for payment stablecoins. Throughout, it separates final rules, interpretations, exemptive orders, proposals, and staff statements, because those carry very different legal weight. It is educational only and is not legal, tax, or investment advice.
