Member Mark Uyeda, who also served as chairman of the US Securities and Exchange Commission (SEC) after Gary Gensler, made striking assessments about the transformation that tokenization could create in financial markets, the regulation of cryptocurrencies, and retail investor participation in private markets. Stating that tokenization could start a new era in stock trading, Uyeda drew attention to the historical development of stock exchanges and said, “We used to trade with paper, now we go through ledger records. Tokenization could be the next phase.” Stating that there are still many issues on the agenda regarding how token-based securities will be regulated, Uyeda said, “We are waiting for suggestions from market participants. Our top priority is to protect investors and take security measures against conflicts of interest.” When asked when token-based stock purchases will be opened to individual investors, Uyeda stated that the legal regulation process may take a long time, and in some cases, the process may be accelerated with exemption decisions or guiding documents. Uyeda reminded that the SEC does not consider non-profit stablecoins as securities, saying, “Stablecoins that do not yield interest or dividends do not fall within the definition of securities.” However, he said that attention should be paid to security and protection measures regarding new structures such as tokenized money market funds. Answering questions about a Trump-linked crypto ETF, Uyeda stated that the SEC acts with the principle of “neutrality”: “We look at whether the disclosures are transparent and legal, not on whose behalf they are submitted.” Uyeda said that memecoins and NFTs are not securities on their own, and warned, “However, if they are placed in a structure such as an investment fund, then that structure can be a security.” Stating that Commissioner Hester Peirce is leading the crypto task force, Uyeda criticized the “sanctions-focused regulation” approach to crypto markets in recent years: “A more transparent, participatory and predictable regulation approach should be adopted.” *This is not investment advice.