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ARTICLE · 13 MARCH 2026

Federal Bank Regulators Clarify Capital Treatment Of Tokenized Securities

Winston Taylor
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The OCC, Federal Reserve, and FDIC jointly issued an FAQ that establishes how tokenized securities are treated under the existing U.S. capital framework.

United StatesTechnology
Logan Payne
Logan Payne

The OCC, Federal Reserve, and FDIC jointly issued an FAQ that establishes how tokenized securities are treated under the existing U.S. capital framework.

Scope of Guidance

  • Applies to “eligible tokenized securities”—securities that confer legal rights identical to those of their non-tokenized equivalents under applicable law, including legal ownership rights. It is unclear how strictly the “identical” requirement will be construed.
  • Covers two forms of tokenized securities:
    • Tokens representing interests in securities issued through traditional processes, such as through a central securities depository
    •  Securities issued directly on distributed ledger technology*

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