The SEC is moving forward. The points discussed by Commissioner Mark Uyeda at the 2026 Asset Management Derivatives Forum are quite interesting.

Basically, it's about the progress in implementing clearing rules in the financial markets, and once these start to function effectively, major U.S. banks could free up a significant amount of balance sheet space. According to estimates from the Financial Research Bureau, if the rules are fully enforced within the first eight months of 2025, there could be an average of about $3.45 billion in additional capacity. In other words, a more efficient clearing system is being put in place.

The approval of two new clearinghouses—CME Clearing and ICE Clear Credit—by the SEC is part of a strategy to offer market participants more choices. This will allow for more flexible clearing options than before.

Another noteworthy point is the shift in approach toward tokenization. While the SEC has previously expressed its stance through mandatory measures, Uyeda is pointing out that the agency is now moving toward promoting limited pilot programs through regulatory guidance and exemption orders.

I think this is a crucial point: he emphasizes that "SEC rules should be technology-neutral." That means they won't create rules that favor or disadvantage specific blockchains or protocols. The focus is on outcomes rather than processes, and as long as investor protection is ensured, the means can be flexible.

I believe this trend is quite constructive for the market. It feels like a balance between regulation and innovation is being achieved.