BlackRock, Fidelity, and Others Meet With SEC! What Could Be the Agenda?

In a major move toward shaping U.S. crypto regulation, the U.S. Securities and Exchange Commission (SEC) will host a high-level roundtable on May 12, 2025, to explore the evolving landscape of tokenization—the process of converting real-world assets (RWAs) into digital tokens on a blockchain. 

Notably, representatives from BlackRock, Fidelity, Nasdaq, and several other key financial institutions will join the event to help shape the dialogue on integrating blockchain with traditional finance.

This gathering marks the third session of what SEC Commissioner Hester M. Peirce has called the agency’s “spring sprint toward crypto clarity.” The panel will be hosted at the SEC’s Washington, D.C. headquarters and will also be livestreamed for public access. 

According to Peirce, the goal is to understand how the SEC should address and regulate tokenized assets, which many believe will reshape the financial industry in the coming years.

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Who’s at the Table?

The panelists include heavy hitters in both traditional finance and emerging blockchain sectors:

• Robert Mitchnick (BlackRock)
  
   
• Cynthia Lo Bessette (Fidelity)
  
   
• Eun Ah Choi (Nasdaq)
  
   
• Will Geyer (Invesco)
  
   
• Sandy Kaul (Franklin Templeton)
  
   
• Christine Moy (Apollo Management)
  
   
• Johnny Reinsch (Tokenized Asset Coalition)
  
   
• Christian Sabella (DTCC)
  
   
• Alex Zozos (SuperState)
  
   

Their presence signals serious interest in defining how tokenized assets—like digital versions of stocks, real estate, bonds, and commodities—can be legally and technically incorporated into the financial mainstream.

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What Is Tokenization and Why It Matters

Tokenization refers to the creation of digital tokens on a blockchain that represent ownership of real-world assets. This allows for faster transactions, reduced costs, and potentially greater market accessibility.

As of May 2025, the tokenized real-world asset market is worth $18.85 billion, according to digital asset analytics platforms. This includes tokenized private equity, which currently accounts for 55% of the market, as well as U.S. Treasuries, which are growing rapidly as institutions look for yield-bearing, lower-risk digital assets.

Interestingly, tokenized U.S. Treasuries have already outpaced private credit in growth, rising from $775 million in 2024 to over $3.9 billion. 

Analysts expect this sector to hit $28 billion, helping fuel an overall RWA market value that could reach $50 billion by year-end.

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What the Meeting Could Mean

Commissioner Peirce emphasized that tokenization could revolutionize financial markets, but such innovation comes with regulatory complexities. The roundtable aims to identify how best to integrate tokenized assets with traditional systems while maintaining security, liquidity, and fair investor access.

For example, tokenized stocks—which are currently under $15 million in market value—could surge past the $1 billion mark if new, clearer regulations open the market to retail investors. 

Issues like expensive intermediaries, slow transaction times, and limited access could be addressed through policy reform discussed at the roundtable.

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Future Roundtables and the DeFi Agenda

The SEC also announced that its fourth crypto roundtable—originally titled “DeFi and the American Spirit”—will now take place on June 9, rescheduled from June 6. That meeting will focus on decentralized finance (DeFi) and how blockchain-based platforms that operate without intermediaries challenge and complement traditional financial systems.

In light of growing institutional demand and the accelerating growth of tokenized assets, the outcome of these meetings could help shape crypto policy for years to come.

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FAQs

1. What is the goal of the SEC crypto roundtable?

The roundtable seeks to explore how blockchain-based assets, like tokenized real-world assets, can be integrated into traditional financial systems.

2. Why are BlackRock and Fidelity attending the meeting?

As major asset managers, BlackRock and Fidelity are deeply invested in crypto and tokenization trends, and they aim to help guide policy that supports innovation while ensuring market integrity.

3. What is tokenization in crypto?

Tokenization refers to converting real-world assets—such as stocks, real estate, or bonds—into blockchain-based digital tokens for more efficient trading and ownership.

4. How big is the tokenized asset market?

Currently estimated at $18.85 billion, the tokenized RWA market is expected to grow significantly, potentially reaching $50 billion by the end of 2025.