Article
SEC Staff No-Action Relief For DTC Pilot Provides A Pathway For Tokenized Securities
On December 11, 2025, the staff of the Division of Trading and Markets (the "Staff") of the Securities and
Exchange Commission (the "SEC") issued a no-action letter to The Depository Trust Company ("DTC")
concerning a pilot version (the "Preliminary Base Version") of a securities tokenization program, referred
to as the "DTCC Tokenization Services."
Mayer Brown