US Congress Holds Most Important Tokenization Hearing - Two Bills on the Table

On March 25, the U.S. House Financial Services Committee held a hearing titled "Tokenization and the Future of Securities: Modernizing Our Capital Markets." This marks the most significant congressional examination of blockchain technology in securities markets to date. Two new bills on the agenda could deeply reshape how securities worth over $126 trillion are traded and recorded.

Two Bills - Two Directions of Reform

The first bill - the Modernizing Markets Through Tokenization Act, would require the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to conduct a joint study of tokenized securities and derivatives. Regulators must determine whether additional rules are needed or whether the existing regulatory framework is sufficient to integrate tokenized instruments into market infrastructure.

The second bill - the Capital Markets Technology Modernization Act, provides clear legal grounds for using blockchain in the daily operations of financial institutions. Broker-dealers, transfer agents, and financial advisors would be permitted to maintain transaction records on distributed ledgers in accordance with SEC rules. This would eliminate the legal uncertainty that has held back major financial institutions from adopting the technology.

Both bills are moving through the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. Their simultaneous consideration reflects Congress's systematic approach: rather than piecemeal fixes, lawmakers aim to build a comprehensive regulatory framework for various aspects of tokenization.

Who Testified Before Congress

The witness panel reveals the seriousness of lawmakers' intent. Those testifying before the Committee represent traditional financial infrastructure, not startups or crypto enthusiasts. Christian Sabella represented the DTCC - the world's largest clearing corporation, processing settlements worth quadrillions of dollars annually. John Zecca testified on behalf of Nasdaq, the exchange already testing blockchain solutions for stock trading.

• Kenneth Bentsen - CEO of SIFMA (Securities Industry and Financial Markets Association), representing over 2,000 financial firms worldwide
• Summer Mersinger - CEO of the Blockchain Association and former CFTC Commissioner, who served until 2025
• Salman Banaei - expert in market technology and infrastructure solutions for digital assets

The participation of DTCC and Nasdaq representatives, who control most settlements in the U.S. stock market, signals that tokenization has moved beyond abstract concept to become a working tool of Wall Street.

RWA Market: $26.5 Billion and Rapid Acceleration

The on-chain value of tokenized real-world assets (RWA) reached $26.48 billion as of March 23, 2026. Monthly growth stood at 5.25%, with year-over-year growth at 289%. The total represented asset value, including platform-locked tokens, reaches $387 billion.

The largest product remains BlackRock's BUIDL fund on Ethereum, with $1.9 billion in assets. The fund invests in short-term U.S. Treasury bonds and distributes yield to token holders through daily accruals, effectively transforming traditional bonds into a liquid digital asset.

The sector grew from $5 billion to $24 billion between 2022 and 2025 - a 380% increase over three years. Projections for 2030 are even more ambitious: analysts expect $9.4 trillion in volume at a compound annual growth rate of 72.8%. These prospects explain why Congress has decided to act now.

CLARITY Act and Stablecoins

The hearing takes place because of progress on the CLARITY Act - a stablecoin regulation bill approaching Senate consideration. Republicans reported that the stablecoin yield issue has been resolved "99%," though negotiations have been complicated by a proposal to include community bank deregulation in the package. If the CLARITY Act passes alongside the tokenization bills, the U.S. will gain its first comprehensive crypto legislation.

Prospects for the Crypto Market

Passage of both bills would create a legal framework for large-scale migration of the stock market to blockchain. JPMorgan has already processed over $900 billion in tokenized repo transactions through its Onyx platform, while Nasdaq and NYSE are integrating the technology into their infrastructure. Analysts project the tokenization market to reach $100-150 billion by end of 2026.

For the crypto industry, the March 25 hearing sends a powerful signal: lawmakers are shifting from restrictive rhetoric to building rules that facilitate blockchain integration into traditional finance. Bitcoin and Ethereum are strengthening their positions as the foundation of new financial infrastructure, while tokenization becomes the bridge between the crypto environment and the $126 trillion capital market.