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Panelists urge Fed to lead cross‑agency work, education and rule updates for tokenized markets
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Summary
At the Federal Reserve panel, executives recommended that the Fed convene a cross‑agency task force, promote education, and review existing repo‑clearing rules and intraday liquidity frameworks to avoid unintentionally blocking on‑chain transactions.
Panelists closed the session with concrete recommendations for the Federal Reserve and other regulators to enable safe scaling of tokenized markets.
Don Wilson proposed that the Fed "take the lead in putting together a cross agency task force" that would coordinate SEC, CFTC and OCC perspectives on tokenized collateral, haircuts and best practices. "This cuts across CFTC, SEC, OCC," he said, and the panel generally endorsed that idea.
Speakers also urged the Fed to focus on education and clarity. Rob Goldstein said the Fed’s leadership in providing principles and consistent expectations would lower uncertainty and allow firms to build within known constraints. Several panelists suggested regulators should review rule language written before on‑chain activity was widely considered—specifically mentioning repo clearing requirements—and consider intraday liquidity and settlement windows that accommodate on‑chain repo and atomic settlement.
Panelists recommended a level playing field that allows both regulated and non‑regulated participants to engage under consistent standards, rigorous AML/KYC controls for institutional tokenized funds, and attention to practical conversion paths between tokens, stablecoins and fiat. Colleen Sullivan closed the panel by thanking participants and the Fed for hosting.
The panel did not record formal commitments from the Federal Reserve; instead, speakers described practical next steps they would like regulators to consider.
