Tokenisation companies have rejected claims by Coinbase that a stalled crypto market structure bill would effectively ban tokenised equities.
Coinbase withdrew support for the legislation, with CEO Brian Armstrong calling it a “de facto ban” on tokenised equity offerings.
The Senate Banking Committee subsequently cancelled a scheduled markup session, leaving the bill’s timeline uncertain.
Carlos Domingo said the draft “does not kill tokenised equities” and instead clarifies that they remain securities subject to existing rules, Carlos Domingo said.
“Market structure legislation of this significance takes time to get right, and what we’re seeing now is a bill that is actively taking shape,”
Carlos Domingo said.
Gabe Otte said his firm does not interpret the CLARITY draft as a ban and views it as reaffirming investor protection standards, Gabe Otte said.
Superstate’s general counsel said the bill mainly addresses regulatory gaps for assets that are not clearly securities.
“The SEC is already on the case and will continue to provide that clarity even absent further legislative directives,”
Alexander Zozos said.
Industry figures said the real cost of delays is uncertainty over regulatory boundaries for emerging crypto projects.
Will Beeson said institutions remain focused on whether tokenised assets can move smoothly within financial workflows, Will Beeson said.
Firms said momentum behind tokenised securities continues regardless of short-term legislative delays.
Industry estimates suggest tokenised real-world assets could reach trillions of dollars in value over the next decade.
Asset managers including BlackRock, Franklin Templeton and Fidelity have already launched or backed tokenised funds.
“Legislation can influence the speed of the rollout, but it cannot change the direction of the tide,”
Alexander Zozos said.