Tokenized Stocks Go Onchain, but the SEC Still Controls the Keys

Tokenized stocks are advancing on public and permissioned blockchains, but U.S. securities regulators insist that control and custody remain a regulated function. The SEC’s Division of Trading and Markets has tied crypto-asset securities to broker-dealer custody rules via December 17, 2025 guidance, confirming that tokenized equities must sit inside existing “possession or control” frameworks rather […]