A gaggle of European tokenization operators has urged EU policymakers to swiftly amend the bloc’s DLT Pilot Regime, warning that present asset limits, quantity caps and time-limited licenses are stopping regulated onchain markets from scaling as america advances towards industrial-scale tokenization and near-instant settlement.
In a joint letter coordinated forward of an upcoming parliamentary debate, tokenization and market infrastructure firms Securitize, 21X, Boerse Stuttgart Group, Lise, OpenBrick, STX and Axiology referred to as for focused modifications to the DLT Pilot Regime, the EU’s regulatory sandbox for tokenized securities markets.
The businesses stated the EU’s broader Market Integration and Supervision Bundle units the correct long-term course, however warned that present constraints are already limiting the expansion of regulated tokenized merchandise in Europe. Pointing to america as a key distinction, they wrote:
With out well timed motion on the DLT Pilot Regime, the EU dangers shedding market relevance. The structural inertia of this package deal delays efficient utility till a minimum of 2030 — creating not a brief setback, however a crucial strategic vulnerability.
They added that “world liquidity is not going to wait” if Europe stays constrained, warning it might migrate completely to US markets as onchain settlement infrastructure matures.
Slightly than calling for deregulation, the businesses proposed a slim technical “fast repair” that will preserve present investor protections intact. The modifications would broaden the scope of eligible belongings, elevate present issuance caps and take away the six-year restrict on pilot licenses to permit regulated operators to scale merchandise already dwell in different jurisdictions.
The group stated the changes might be adopted rapidly by way of a standalone technical replace with out reopening the EU’s broader market-structure reforms.
It warned that extended delays threat weakening the euro’s competitiveness in world capital markets as settlement and issuance exercise shifts towards quicker, absolutely digital market infrastructure.
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US regulators and exchanges advance tokenization framework
The US has taken regulatory steps towards tokenization by clarifying how tokenized securities could be issued, custodied and settled inside present market infrastructure.
On Dec. 11, 2025, the Securities and Change Fee (SEC) Buying and selling and Markets Division outlined how broker-dealers can custody tokenized shares and bonds below present buyer safety guidelines, signaling that blockchain-based securities might be ruled throughout the conventional regulatory framework moderately than handled as a brand new asset class.
The SEC issued a no-action letter on the identical day to a subsidiary of Depository Belief & Clearing Company, clearing the way in which for a brand new securities market tokenization service. DTCC stated its Depository Belief Firm unit has been licensed to launch a service that tokenizes real-world belongings already held in DTC custody.
On Jan. 28, the SEC issued steering clarifying the way it views tokenized securities, splitting them into two classes: these tokenized by issuers and people tokenized by unaffiliated third events, a transfer aimed toward giving firms a clearer regulatory footing as tokenization exercise expands.
Alongside clearer US regulatory steering, Nasdaq and the New York Inventory Change have begun exploring tokenization inside conventional market infrastructure.
In November 2025, Nasdaq stated securing SEC approval for its September proposal to checklist tokenized shares was a prime precedence, noting that the alternate was responding to public feedback and regulator questions because the evaluate course of continued.
On Jan. 17, the NYSE stated it’s creating a platform to commerce tokenized shares and exchange-traded funds, pending regulatory approval, that will help 24/7 buying and selling and near-instant settlement utilizing blockchain-based post-trade programs.
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