economy
OTC Markets CEO: 250 years of market history just collided with a new SEC rule
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.
TL;DR
- The SEC confirmed tokenized securities are securities and proposed a major overhaul of the registered-offering framework in 2026.
- American public market history is a 250-year evolution focused on improving information quality and expanding access.
- Technological advancements like ticker tape, telephone, Nasdaq, and the internet have continuously increased market transparency and speed.
- The principle of disclosure-based regulation ensures investors have access to material facts for rational decision-making.
- OTC Markets Group facilitates trading in over 12,000 securities, with international companies making up a significant portion of trading volume.
- The proposed SEC reform aims to extend access to capital raising for a larger percentage of public companies, offering a transparent alternative to private placements.
- Digital technology is enabling programmable securities, and market infrastructure is being built to support digital asset securities while maintaining transparency principles.