Activity
& & Milestones
Recent regulator moves and the milestone tracks underneath. Every framework on the reference page has its effective date, target date, and the public statements that surround it.
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Regulatory timeline
Milestone tracks for the frameworks that matter.
Regulatory Signal
20 updatesFINRA Approves Securitize as First Broker-Dealer to Custody Tokenized Securities
FINRA approved Securitize Markets' Continuing Membership Application (CMA), authorizing it to custody tokenized securities, run atomic settlement between tokenized securities and stablecoins onchain, and act as underwriter and selling-group participant for tokenized offerings. tZERO had custody approval previously but only via a special-purpose broker-dealer; Securitize is the first regular broker-dealer with the full stack.
First end-to-end IPO infrastructure onchain inside one regulated broker-dealer. Tokenized issuance, custody, trading, and atomic settlement now consolidate at Securitize without the special-purpose carve-out tZERO needed.
DTCC Convenes 50+ Firm Tokenization Working Group, Targets October 2026 Service Launch
DTCC announced a 50+ firm Industry Working Group to design tokenization standards for US capital markets. Participants include BlackRock, Goldman Sachs, JPMorgan, Franklin Templeton, Morgan Stanley, Bank of America, Citadel Securities, NYSE Group, Circle, Fireblocks, Robinhood, and Ondo. Limited production trades targeted July 2026; full DTC tokenization service launch October 2026.
DTCC custodies $114T and clears $4.7Q annually. Bringing that core onchain with this group of TradFi + DeFi firms designing the rules is the canonical 'tokenization at scale' moment. Ondo is the only crypto-native token issuer in the inner circle.
BlackRock files 17-page comment letter on OCC tokenized-reserve cap
BlackRock submitted a 17-page comment letter on OCC Docket OCC-2025-0372 (NPRM published March 2, 2026), asking the agency to drop the proposed 20% cap on tokenized reserve assets for payment stablecoin issuers. Filed on the May 1 deadline. The letter coincides with two BlackRock SEC filings (BSTBL, BRSRV) for tokenized MMFs designed to serve as GENIUS Act eligible reserves.
Direct lobby by the largest tokenized-MMF issuer to remove a quantitative ceiling on the demand category they're building product into. 'Build the product. Remove the cap. Capture the flow.'