According to the external press review, two moves by the United States Securities Commission (SEC) this year around open markets could affect both traditional securities finance and digital securities development. One is to reaffirm that tokenized securities remain securities, and the other is to introduce a reform of the registration and issuance system to expand the public financing eligibility of more listed companies.

Two actions down the same main line

This review is written by the CEO of OTC Markets Group. According to the article, the United States open market has evolved over the past 200 years, with the core of which has been to make price information and corporate disclosure more transparent and to allow more businesses and investors to enter the market.

Within this framework, the SEC confirmed in January this year that monetized securities are not exempt from existing securities regulation because of changes in technology. By May, the SEC had introduced a reform of the registration and distribution system, which the author had described as the most important adjustment in more than two decades.

Reform focuses on financing for small and medium-sized companies

According to the article, the proposal would open up to approximately 81 per cent of listed companies such as shelf registration and market-priced financing instruments. In the past, some growth-oriented companies, owing to conditionalities, tended to be financed only through higher-cost private fundraising, and existing shareholders were more vulnerable to undervaluation.

In the author ' s view, such companies would, for the first time in many years, regain more transparent and open access to finance if the reforms eventually landed. At that time, the factors that determine an enterprise ' s access to open capital markets may be more in favour of continuous disclosure capacity than just balance sheet size or listing.

  • According to the article, OTP Markets currently supports over 12,000 securities transactions
  • According to its data, the deal was $45.3 billion in the first half of 2026.
  • At this rate, the year-round turnover or close to $90 billion.

The principle of disclosure is still required for tokenized securities

For digital securities, it is argued that the market infrastructure is moving towards institutional-level trading, clearing and hosting capacity, but the regulatory core has not changed. That is to say, once securities are issued in token form, they continue to comply with the basic requirements of information disclosure and transparency of material facts.

According to the authors, technology can change ownership records, trade paths and investor-attractive approaches, but it cannot undermine the principle of transparency, on which open markets have long relied. For digital asset securities, the next focus is not to redefine securities, but to synchronize existing disclosure requirements with new technologies.

OTC Market wants more open financing

The article also highlights the location of the OTC market in the U.S. capital market system. According to the authors, from the OTC market to NASDAQ to the New York House, different levels of markets share the financing, pricing and investor selection functions.

In his view, if the SEC were to finalize this round of reforms, the most beneficial would be growth-based listed companies that would have been more dependent on private financing. For the United States open market, this is not only an adjustment of the issuance process, but may also change which companies are better suited to stay on the open market for financing and growth.