TechFlow News, February 10: Mark T. Uyeda, Commissioner of the U.S. Securities and Exchange Commission (SEC), delivered a speech at the 2026 Asset Management Derivatives Forum, highlighting progress on the implementation of Treasury clearing rules and developments in securities market tokenization.
The SEC has approved the registration of two new clearing agencies—CME Securities Clearing and ICE Clear Credit—providing market participants with additional clearing options. According to data from the Office of Financial Research, if the rules are implemented within the first eight months of 2025, U.S. global systemically important banks (G-SIBs) would, on average, free up $34.5 billion in balance sheet capacity.
Regarding tokenization, Uyeda stated that the SEC has ceased relying primarily on enforcement actions to express its views, shifting instead toward regulatory guidance and no-action letters to facilitate limited-scope pilot programs. He emphasized that SEC rules should remain technology-neutral—focusing on outcomes rather than processes—while ensuring appropriate investor protection measures.
