U.S. financial institutions test blockchain trading as SEC pursues new digital asset rules

Major Wall Street financial institutions, including JPMorgan Chase and Goldman Sachs, participated in a large-scale blockchain experiment led by the Depository Trust & Clearing Corporation (DTCC). The trial, involving approximately 40 firms, simulated a full day of market operations by trading tokenized U.S. stocks and Treasuries on blockchain networks. The experiment focused on testing the efficiency of collateral movement and real-time settlement, such as margin calls and delivery-versus-payment (DvP) processes.

Simultaneously, the U.S. Securities and Exchange Commission (SEC) is moving toward establishing formal regulatory frameworks for digital assets. Amid delays in the Congressional CLARITY Act, the SEC is considering a proposal for ‘Regulation Crypto.’ This initiative aims to create a tailored offering regime that provides specific rules for digital asset issuance and fundraising. If approved, this would shift the regulatory landscape from reactive enforcement toward providing proactive, standardized guidelines for digital asset projects.