The agency says issuer approval is required for true tokenized ownership, warning that many stock tokens sold to retail investors provide only indirect or synthetic exposure. Jan 29, 2026, 4:38 a.m. The Securities and Exchange Comission is pushing back against a growing market for “tokenized stocks” that look like equity, trade like equity, but do not actually confer ownership, releasing new guidance that puts third-party synthetic equity products squarely under traditional securities and deriva...