How could tokenization drive a 10x reduction in capital markets infrastructure costs? Today, around 9 intermediaries stand between buying a stock and owning it. Tokenization could automate functions performed by 6 to 7 of them. Watch @gaborgurbacs discuss further on @ETFEdgeCNBC.

We support the SEC’s proposed Regulation Crypto Assets and its goal of giving builders a clearer path to raise capital in the U.S. The comment letter we submitted focuses on making these rules work in practice, with recommendations for: ▪️ Clear guidance on tokenized securities and legal ownership records ▪️ Public, machine-readable issuer filing status ▪️ Verifiable onchain data in standardized disclosures ▪️ Structured Form TR filings with clear third-party reliance rules Regulatory clarity needs to translate into workable processes for issuers, transfer agents, custodians, and trading venues. Read our full letter:

Where does the value in tokenization actually sit? Not in putting an asset onchain. It sits in the infrastructure around it. The token is only one part of the system.

The U.S. Treasury is taking comments until October 19 on proposed GENIUS Act rules that define when a stablecoin is issued. Under the proposal, tokens minted into an issuer’s treasury aren’t issued. Crediting a customer’s account counts, even if no token moves. For offshore issuers, location controls only count if they’re implemented. What’s on paper or onchain isn’t enough. The record has to show who holds rights and who owes redemption.

Broker-dealers are testing AI agents on AML alerts. Regulators are now asking how each agent action gets tracked. A sign-off only holds up if the record shows what the model proposed and what the person saw before approving it. In regulated markets, auditability can’t be an afterthought.

Between hitting buy and owning a stock, an order passes through about nine intermediaries. OpenAssets CEO @gaborgurbacs expects tokenization to cut six or seven of them, now that the @SECGov has opened a limited, five-year path for tokenized stocks. Watch the full interview with @TheDomino and Nick Cherney on @CNBC's @ETFEdgeCNBC: cnbc.com/video/2026/09/29/to…

Foreign central banks sold $55.6B of T-bills in a year, after buying $138.1B the year before. Stablecoins hold nearly $200B, a new channel for U.S. debt. OpenAssets builds the infrastructure to scale it: every holder verified, every reserve reported.