The muddy waters of tokenized stocks—why should a third party without backing from a publicly traded company give you voting rights? The SEC's concerns are actually quite valid.

Sources say the SEC has delayed a waiver program due to concerns about third-party issuing agencies, which was originally intended to provide broad exemptions for U.S. cryptocurrency companies, allowing trading of tokenized assets linked to stocks. The SEC discussed feedback with exchanges and market participants, with the core issue being how third-party tokens without support from listed companies can obtain the same rights as regulated securities (dividends, voting rights), and how companies can fulfill related obligations in a blockchain environment.