Digital Assets Download: Will the Word of the Year be "Tokenization"? The world's most popular English dictionaries annually select a "word of the year" to capture the zeitgeist of a particular year and spotlight the continuous evolution of the English language. From the stages Davos at the World Economic Forum to the almost-daily headlines in finance and markets, "tokenization" is – and will continue to be – a powerful force throughout 2026.
We launched our Stablecoins & Tokenization Resource Center with this in mind and members of our global team will be speaking about tokenization in a number of forums in the coming weeks. Check out our Events page below for details on how to join us.
For the Uninitiated: Digital Assets Download is a curated mix of insights and headlines that provide a Layer 3 Legal Perspective" on the digital assets multiverse—created by Mayer Brown's global Digital Assets, Blockchain & Cryptocurrency group.
THE LEAD BLOCK
Perspectives and insights from Mayer Brown lawyers and other thought leaders that touch on digital assets, decentralized finance, cryptocurrencies and related fields.
SEC Staff No-Action Relief for DTC Pilot Provides a Pathway for Tokenized Securities
On December 11, 2025, the staff of the Division of Trading and Markets of the Securities and Exchange Commission issued a no-action letter to The Depository Trust Company ("DTC") concerning a pilot version (the "Preliminary Base Version") of a securities tokenization program, referred to as the "DTCC Tokenization Services."
NEWS NODE
Regulatory/Enforcement
Progress on U.S. Crypto Legislation and Its Implications for Users
SEC and CFTC Plan Joint Crypto Oversight Event
US Senators Introduce Long‑Awaited Bill to Define Crypto Market Rules
Crypto Market Structure Bill Delayed to Late January
SEC Preparing "Innovation Exemption" for Crypto Products
The US Wants Crypto Innovation: So Why Is It Still Regulating with an Orange-Era Test?
Markets
Stellar surpasses $1 billion in tokenized real‑world assets
Tokenized assets cross $21B — U.S. Treasuries lead the surge
Canton Network integrated into DTCC tokenized U.S. Treasuries MVP
XRP real‑world‑asset (RWA) tokenization surges into early 2026
TradFi firms are increasingly warming to cryptocurrencies, says Bybit CEO Ben Zhou
Courts
Digital Asset Companies Struggle Under Patchwork State Licensing
Florida Plaintiffs Seek Emergency Relief in $29.7M Crypto Theft Case
Can Courts Freeze Stolen Crypto? Injunction Limits Tested
LEARN THE LINGO
For those new to the digital assets and DeFi world, each edition of the Digital Assets Download will highlight a different term to help you be a part of the conversation.
CLEARING AGENCY
A clearing agency is a regulated financial market utility that handles the clearance, settlement, and recordkeeping of securities transactions. Entities like The Depository Trust Company (DTC) centralize the immobilization and transfer of securities, reduce counterparty and operational risk through standardized processes, and maintain accurate books and records that underpin market stability. Clearing agencies have become increasingly important in the digital‑asset landscape, as pilots involving distributed ledger technology—such as the SEC‑authorized DTC tokenization program—explore how traditional post‑trade functions can evolve to support tokenized securities and more efficient settlement models.
Writing on the Wall, Translating 'Crypto' Terms with Mayer Brown
From Airdrop to Wrapped Token, our illustrated glossary, "Writing on the Wall, Translating Securities with Mayer Brown," has been updated with additional digital assets and cryptocurrency terms. Check out our "featured" list for the crypto terms and the full list of terms.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
