The European ERC-3643 Association, a group that advocates on behalf of pursuing a standard for real-world asset tokenization, has visited with the Securities and Exchange Commission (SEC) to discuss this very topic. ERC 3643 is an Ethereum-based protocol standard for creating and managing permissioned tokens based on real-world assets. According to reports, $28 billion worth of assets have been tokenized using ERC-3643.
The SEC under the Trump Administration has shifted from a position of undermining digital asset innovation to one of embracing the technology. Firms engaged in this sector of Fintech have discovered renewed vigor as they pursue improvements to establishment finance while creating new asset classes. The SEC has created a Crypto Task Force to help lead the charge. The Task Force is led by Commissioner Hester Peirce, a long-time supporter of innovation in financial services.
Earlier this summer, the ERC 3643 Association met with the Task Force to discuss tokenization and standardization – an important aspect for creating regulations addressing crypto. The ERC 3643 Association included Tokeny Founder Luc Falempin as well as representatives from Etheralize, the Ethereum Enterprise Alliance, Linux Foundation Decentralized Trust, and Chainlink Labs.
Besides sharing their mission at the Association, the group pitched the creation of a Task Force Roundtable event focused on blockchain standards to foster the development of responsible technical standards.
They also requested that the ERC 3643 Association participate in the SEC Sandbox.
The group has already met with other international regulators, including the UK FCA/HM Treasury, the Monetary Authority of Singapore, the Hong Kong Markets Authority, and others.
The group aims to ensure that token standards and blockchain standards align with the SEC’s Crypto Task Force objectives.
