In 2026, the SEC has moved on two fronts that will define the next chapter of American public markets. On January 28, it confirmed that tokenized securities remain securities. In May, it proposed the most significant overhaul of the registered-offering framework in more than 20 years. Both are part of a story 250 years in the making.
As CEO of OTC Markets Group, which operates regulated markets for U.S. and international securities, I have a direct view into why both matter. That view is rooted in two-and-a-half centuries of market evolution.
