The New SEC Guidance on Crypto & Tokenization will Change Everything! | Tiffany Smith

May 19, 2026

AI Summary

5 min read

The interview with Tiffany Smith, a securities lawyer and co-chair of the blockchain group at Wilmer Hale, centers on recent SEC actions that distinguish among types of digital assets and clarify how existing securities rules apply. Smith draws on her work with both crypto-native firms and traditional institutions to explain the practical effects of new guidance, ongoing legislation, and the steps still required before rules become durable.

SEC Guidance on Asset Categories

The SEC issued commission-level guidance that sorts crypto-related items into five groups: digital tokens such as Bitcoin, Ether, and Solana; digital collectibles including NFTs; digital IDs; payment stablecoins; and tokenized securities. The first three groups are treated as presumptively outside federal securities jurisdiction. This distinction matters because it lets firms know when registration or disclosure obligations do not automatically apply.

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What you'll learn

1 (04:16) **Guest Introduction & Background** - Tiffany Smith introduces her 15+ years in securities regulation and path to co-chairing the blockchain group at Wilmer Hale
2 (05:40) **Early Tokenization Work (2017)** - First matters focused on tokenizing real-world assets like real estate, art, and wine rather than ICOs
3 (07:41) **Current Institutional Adoption** - Major banks and TradFi now actively exploring on-chain assets after years of experimentation
4 (08:59) **Consensus Miami Observations** - Large institutional presence and booth investments signal mainstream acceptance
5 (10:33) **Four Crypto Asset Buckets** - Clear taxonomy now emerging: Bitcoin, programmable crypto assets, stablecoins, and tokenized securities
6 (13:02) **Congressional Testimony** - April hearing focused on why digital assets require tailored legislation distinct from traditional securities rules
7 (14:19) **Clarity Act Markup Process** - Bill requires bipartisan amendments in Senate Banking before floor vote and House reconciliation

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Show Notes

Tiffany Smith, Partner and Co-Chair of the Blockchain & Cryptocurrency Working Group at WilmerHale, joined me to discuss the SEC’s evolving crypto regulatory approach, tokenization, and upcoming REG Crypto guidance.
Topics:
- SEC Crypto securities guidance
- Tokenization guidance
- Upcoming REG Crypto
- Clarity Act Brought to you by
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⏰ Time Stamps ⏰
00:00 Intro
03:34 Tiffany's background
05:47 Tokenization in 2017
06:40 Crypto's growth
23:17 REG Crypto Token issuance
42:33 Roadmap
43:30 Wrap up questions
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