House Hearing to Examine Tokenization & CLARITY Act’s Impact on US Markets – March 25, 2026

The House Financial Services Committee will hold a hearing on the future of tokenized securities on Wednesday, March 25, 2026, at 10:00 AM EDT. The session, titled “Tokenization and the Future of Securities: Modernizing Our Capital Markets,” comes as the market for tokenized real-world assets (RWAs) surpasses $26 billion and the CLARITY Act advances through Congress.

The hearing will feature testimony from Kenneth Bentsen Jr., President and CEO of the Securities Industry and Financial Markets Association (SIFMA), and Summer Mersinger, CEO of the Blockchain Association. According to a notice from the committee, the hearing will seize place in Room 2128 of the Rayburn House Office Building.

The event arrives four days after the Securities and Exchange Commission (SEC) approved a proposal from Nasdaq to allow tokenized securities to trade alongside traditional shares on the same order book. It also follows the SEC and Commodity Futures Trading Commission’s (CFTC) recent publication of a joint crypto asset taxonomy, establishing a five-category system for classifying digital assets.

The focus of Wednesday’s session is not on the price volatility of cryptocurrencies, but on the fundamental question of whether the existing US legal framework for capital markets can accommodate assets that settle quickly on a public blockchain and trade continuously across borders. The current framework, designed for traditional securities, presents challenges for tokenized assets.

SIFMA represents broker-dealers, investment banks, and asset managers, signaling that the conversation extends beyond the crypto industry itself. The organization’s involvement indicates a need to integrate tokenized securities into existing financial infrastructure, including clearing houses, custodians, and transfer agents.

Mersinger, a key figure in the CLARITY Act negotiations, is expected to address the legal uncertainties that currently hinder the development of infrastructure for tokenized securities. The Blockchain Association has been actively engaged with the SEC and CFTC on digital asset classification.

As of March 23, 2026, the tokenized RWA market is valued at $26.48 billion in distributed on-chain value, a 5.25% increase in the past 30 days, with a total represented asset value of $387.35 billion, according to rwa.xyz data. Companies like BlackRock, JPMorgan, Franklin Templeton, and Circle have already deployed tokenized products.

The SEC and CFTC’s joint interpretive release on March 17, 2026, established a taxonomy of digital assets, categorizing them as digital commodities, digital collectibles, digital tools, stablecoins, or digital securities. The release identified 16 crypto assets as digital commodities, exempting them from securities laws. However, this interpretation does not have the force of law and both SEC Chairman Paul Atkins and CFTC Chairman Michael Selig have stated that statutory clarity is needed.

The CLARITY Act, which passed the House of Representatives on July 17, 2025, by a vote of 294-134, and was advanced by the House Agriculture Committee with a 47-6 vote, aims to establish statutory boundaries between digital commodities and digital securities. The Senate Banking Committee is expected to begin markup of the bill in the second half of April. A key aspect of the CLARITY Act is its determination of whether a tokenized asset falls under SEC or CFTC jurisdiction, impacting registration requirements, exchange listings, and investor protections.

Senator Bernie Moreno has stated that if the CLARITY Act does not reach the Senate floor by May, digital asset legislation may not be revisited for years. The Senate Banking Committee markup is scheduled to occur before this deadline, following recent agreement in principle on stablecoin yield and ongoing review sessions.