A Year of Change Across Financial Regulation – and What Comes Next, December 2025 – SEC Staff Issues No-Action Relief for DTC Tokenization Pilot | JD Supra
On December 11, 2025, the staff of the SEC’s Division of Trading and Markets issued a no-action letter (the “ DTCC No-Action Letter ”) stating that it would not recommend enforcement action against The Depository Trust Company (“ DTC ”) in connection with the launch of a pilot version of its DTCC Tokenization Services. The
