Hey, it’s Marc & the 51 team.

The SEC did something this week that people will look back on.

* They issued a 68-page joint interpretation on token classifications together with the CFTC, for the first time in 183 years of combined existence.

* Chairman Atkins proposed a principles-based framework, replacing stock-market checklists with broad standards like disclosure and investor protection.

* Director Moloney declared the end of the Howey Test for crypto, the 80-year-old standard used to classify tokens as securities, proposing a tailored registration path for digital assets instead.

Folks, let’s be real: If you've spent any time in crypto regulation, you know that these moves are a breakthrough.

Here are the highlights this week:

* SEC approves Nasdaq’s plan to trade tokenized securities.

* HSBC and Standard Chartered received Hong Kong’s first stablecoin licenses

* Mastercard agreed to acquire BVNK for 1.8 billion

* Figure launched private credit infrastructure on-chain with Apollo and Pantera

* ICE (NYSE’s parent) launched a private credit intelligence platform with Apollo as anchor partner.

* Morgan Stanley filed an amended S-1 for a spot Bitcoin ETF on NYSE Arca.

* Flow Traders launched a 24/7 OTC desk for tokenized assets, including Franklin Templeton’s BENJI and Tether Gold.

and much more. Let’s jump in 👇

🎙️ Bonus: We also spoke with SEC Commissioner Hester Peirce about crypto’s new rules, and she had some surprising things to say. “I apologize”, listen to the full conversation 👇

Top Boardroom Reads

* “I apologize”, SEC Commissioner Hester Peirce on Crypto’s New Rules (51 Insights)

* Building the Path Towards Digital Asset Securities Operability (Clearstream / DTCC / Euroclear)

* Making the Case for Tokenized Collateral (Nasdaq & The ValueExchange)

* Tokenomics and Blockchain Fragmentation (BIS)

* State of tokenized Gold (Animoca brands)

* Paving the Way for a Future‑Ready, Integrated Financial Ecosystem(ECB)

The Friday newsletter only scratches the surface. A lot more is going on that we’ll tell you in our PRO briefings.

Top Signals This Week

SEC and CFTC jointly define what a security is, and what it isn’t

The SEC and CFTC issued a joint 68-page interpretive release (legal guidance) on March 17, setting out a five-part token taxonomy: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. The release treats protocol staking, mining, and airdrops as non-securities activities when they do not involve a separate investment contract. The same day, SEC Chairman Paul Atkins previewed “Regulation Crypto Assets,” a forthcoming safe harbor (temporary exemption) proposal offering early-stage token projects up to four years and $5M in capital formation without full SEC registration. [RELEASE]

Why this matters: The Howey test now has an expiration date: the SEC formally recognizes that investment contracts can terminate, and a token does not remain a security forever once the network reaches maturity, clearing the path for DeFi protocols and VC funds that previously had no clean exit to secondary distribution. The infrastructure response is already visible: Mastercard is acquiring BVNK, and Standard Chartered and DBS are securing stablecoin licenses in Hong Kong. Every compliance team that blocked institutional exposure to crypto on securities grounds now has to update the memo.

Read our full CEO notes on this topic👇

🚀 Build credibility. Drive pipeline. Win in digital assets. We produce institutional-grade research that positions you as the authority in your category, then distribute it to 100,000+ decision-makers who act on what we publish.[let's talk →].

SEC approves Nasdaq’s plan to trade tokenized securities

The SEC on March 18 approved Nasdaq‘s rule change to let market participants settle trades in Russell 1000 stocks and ETFs tracking the S&P 500 and Nasdaq 100 as blockchain-based tokens, with settlement running through the DTC‘s tokenization pilot that received no-action relief (regulatory comfort letter) on December 11, 2025. Tokenized shares trade on the same order book as traditional shares, with the same ticker and CUSIP. Holders keep the same voting rights, dividends, and execution priority. First token-settled trades are not expected until Q3 2026 at the earliest. [RELEASE]

Why this matters: For years, the problem with crypto tokens was that once they got classified as securities, there was no way out. The Howey test was a roach motel. You checked in, you never left. The SEC just changed that. They formally said investment contracts can terminate. A token doesn’t stay a security forever once the network matures. That sounds technical but the consequences are huge. Every DeFi protocol and every VC fund that couldn’t figure out how to get to secondary distribution now has a path. You can already see the reaction. Mastercard is buying BVNK. Standard Chartered and DBS are locking down stablecoin licenses in Hong Kong. The institutions aren’t waiting to see how this plays out. They’re moving now.

Read our full CEO notes on Nasdaq and NYSE, to understand where we are headed👇

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HSBC and Standard Chartered to receive Hong Kong's first stablecoin licenses

HSBC and a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications are expected to receive Hong Kong’s first stablecoin issuer licenses as early as March 24. The licenses fall under Hong Kong’s Stablecoin Ordinance, which took effect in August 2025 and requires all fiat-referen...