Securities Regulation Daily Wrap Up, BLOCKCHAIN—NASAA supports ‘responsible innovation‘ in tokenization discussions, (Mar 31, 2026)

By Anne Sherry, J.D.

“A security remains a security” regardless of whether blockchain is involved, NASAA emphasized.

In a letter to HFS Committee leaders, NASAA supported a cautious approach to technological innovations like “super-apps.” The group sent the letter ahead of last week’s House Financial Services Committee hearing on tokenization. NASAA said that while innovation should be encouraged, it has serious concerns about proposals to create a single federal licensing or exemptive framework over financial super-apps (e.g., intermediaries trading various services under a single platform).

NASAA stresses that any federal regime over super-apps must preserve, rather than displace, state authority. The group cited a recent White House report and SEC statements that contemplate vertically integrated business models with principles-based requirements no more onerous than safeguards applied to existing registrants. While NASAA said it “supports careful regulatory exploration of these ideas,” it cautioned that the states must retain their police and regulatory powers. “States often serve as the first line of defense for local investors and bring on-the-ground enforcement expertise that is indispensable to the U.S. securities regulatory ecosystem,” it wrote.

As a foundational principle, it must remain unambiguous that a security is a security, regardless of the involvement of blockchain technology, and regardless of whether the security offers non-financial benefits, NASAA said. Any equivocation could weaken state police powers and therefore investor protection.

The group also expressed its support for two bills recently introduced in the House. NASAA supports the initiative of the Modernizing Markets Through Tokenization Act of 2026 to direct a joint SEC-CFTC study assessing whether additional guidance or rules are necessary for tokenized securities and derivative products. NASAA said that such a study must meaningfully involve state securities regulators, who have practical experience in both traditional and digital markets, and should also explicitly evaluate regulatory parity.

NASAA also supports the Capital Markets Technology Modernization Act of 2026, which would allow blockchain-based records to satisfy books and records requirements.

LegislativeActivity: Blockchain Enforcement ExchangesMarketRegulation FederalPreemption FedTracker Securities NASAANews