On March 19, 2026, Skadden hosted “Tokenized Securities: Untangling Legal and Regulatory Knots,” a webinar featuring partners Michelle Gasaway, Kevin Hardy and Daniel Michael, as well as counsel Aaron Washington, who discussed pressing legal issues in the rapidly evolving tokenized securities landscape. Below is a summary of the key themes and practical takeaways discussed.
The Promise Is Real, but So Are the Challenges
Tokenization offers genuine benefits for securities markets, including near-costless payment distribution, round-the-clock trading, instantaneous settlement, transparent ownership records, fractionalization and the creation of entirely new product structures. However, nearly every one of these benefits maps to a corresponding regulatory challenge. The existing federal securities framework was built around intermediaries, centralized oversight and identity verification, principles that do not disappear because the underlying technology has changed. The core task for
