The week's headline is a small trade with large implications: the first US stock traded onchain under the SEC's Innovation Exemption. Around it, a change in Congress, a European asset manager moving beyond money market funds, and four regulators publishing or proposing rules. This edition covers November 2 through 9. Last edition: #018.
#01
TSV LLC Executes the First Tokenized-Stock Trades Under the SEC Exemption
On November 4, Canton Strategic Holdings' issuer-sponsored tokenized shares traded on TSV LLC, with Five North selling to DRW Cumberland and Flowdesk providing liquidity. A summary of the issuer's announcement puts the size at about $30,000. Meanwhile, objections to OKXICE's third-party listings grew from 33 on October 29 to 67 by November 5, per PANews, with Meta, Palantir and S&P Global among the newest.
#02
Democrats Win Congress; the Crypto Agenda Faces a Different Senate
Democrats won control of both chambers on November 3. AP's count as reported November 9 stands at 54 Senate seats to Republicans' 44, with Mississippi and Alaska uncalled, and 254 House seats to 162 with 19 uncalled. Sherrod Brown won Ohio's Senate seat despite crypto-linked groups spending more than $170 million this cycle, per crypto.news, much of it against him. TokenPost counts crypto-friendly candidates among the winners of 228 House and 19 Senate seats, so the industry still has supporters in both chambers. The new Congress takes office January 3, 2027, and any market-structure bill still needs 60 Senate votes.
#03
Amundi Puts a European Equity Index Fund on Ethereum
Europe's largest asset manager issued a tokenized share class of its Core STOXX Europe 600 fund on public Ethereum with CACEIS on November 5. It tokenizes fund units, not the 600 stocks, the fund keeps its traditional channels, and Amundi didn't disclose the class's size.
#04
Dinari Plans Anthropic dShares for IPO Day
Dinari said on November 6 it will launch tokenized Anthropic shares when the stock starts trading, including for eligible US investors. US dShares are non-transferable brokerage positions; offshore buyers get Regulation S tokens with a contractual claim on value. The IPO has no date.
#05
Tokenization Firms Ask the SEC to Drop the Mailing-Address Mandate
Securitize, Figure, Centrifuge, Equiniti and Plume filed a joint letter on the SEC's transfer agent proposal. It welcomes blockchain recordkeeping but objects to requiring names and physical addresses for every holder, asking the SEC to accept wallet addresses and other identifiers.
#06
Dubai Publishes a Tokenisation Report and Proposes On-Chain Court Enforcement
The DFSA published Scaling Tokenisation: The Road Ahead, and the DIFC Courts proposed a Dispute Resolution Oracle to carry court rulings onto a blockchain. The oracle is a white paper heading to consultation, not a live service.
#07
Hong Kong's SFC Says a Tokenized Gold ETF May Be Next
At Hong Kong FinTech Week, the SFC said 17 tokenized retail products are approved, holding $1.3 billion, and a tokenized gold ETF may form the next pilot. Standard Chartered also launched a tokenized deposit service for corporate clients, per PANews citing CoinDesk.
#08
Brazil's CVM Gets 11 Tokenization Pilot Proposals
The regulator received more than three times the proposals it expected for its sandbox. ABToken filed two, one multichain and one on Stellar, while ANBIMA and B3 take a more incumbent-integrated route. No real money is involved and nothing is approved.
#09
Shipping as a Tokenized Asset: A $500 Million Pipeline
Shipfinex and ADI Chain restated plans to tokenize about 35 vessels worth around $500 million, settled in stablecoins including a dirham token. It is a pipeline, not completed financing, and no ship tokens have been issued.
Also This Week
- Morgan Stanley and DTCC. Morgan Stanley said on November 3 that it is among the first banks to tokenize US equities and Treasuries using DTCC's tokenization service, per PANews (DTCC launch).
- tZERO. The tokenization infrastructure company agreed to go public via a SPAC merger at a $350 million pre-money valuation, with a NYSE American listing expected in early 2027, per PANews.
- Equity perpetuals. PANews summarizes that the CFTC cleared US equity perpetual futures on November 3, and that a suit backed by Cboe and Citadel Securities was filed the same day over whether they are security futures or security-based swaps.
Numbers This Week
Snapshot
Distributed RWA value — $39.36B (RWA.xyz, Nov 6), from $39.04B on Oct 26
RWA holders — 5.65M, from 5.34M
Stablecoins — $283.05B (RWA.xyz, Nov 6)
Tokenized stocks — $4.24B (RWA.xyz, Nov 4)
OKXICE objections — 67 (Nov 5)
HK tokenized retail products — 17, $1.3B
What's Ahead
Watch whether TSV lists a second company and whether OKXICE sets a date, how the SEC responds to the transfer agent comments, how Dinari's launch tracks Anthropic's IPO timetable, which proposals Brazil's CVM accepts, and whether Hong Kong names a first product under its Innovation Pathway. Our monthly RWA by the Numbers returns in late November.