Today in crypto, the European Central Bank (ECB) is looking for experts to help build out the digital euro’s real-world integrations, the US Securities and Exchange Commission approved Nasdaq’s tokenization pilot, and SEC Chair Paul Atkins offered further clarity on why NFTs generally fall outside securities laws.
ECB opens digital euro work on ATMs and payment terminals
The ECB is seeking industry experts to contribute to workstreams focused on how the digital euro central bank digital currency would function across ATMs, payment terminals and acceptance infrastructure.
In an announcement published Wednesday, the ECB opened applications for two workstreams under its Rulebook Development Group (RDG), covering implementation specifications for ATM and terminal providers, as well as certification and approval frameworks for payment solutions.
The roles revolve around defining how a potential digital euro would integrate with existing payment systems and hardware, including support for offline transactions and interoperability with standards used across Europe.
The move signals a shift from policy design toward implementation planning, as the ECB seeks input on how the digital euro would operate across existing infrastructure.
According to the ECB, one workstream will focus on developing implementation specifications for ATM and terminal providers. This includes communication technologies, offline functionality and the reuse of existing payment standards.
The second workstream will develop proposals for testing, certification and approval processes for payment solutions and infrastructure used by payment service providers within the digital euro ecosystem.
SEC approves Nasdaq tokenized trading pilot
The US Securities and Exchange Commission on Wednesday approved Nasdaq’s pilot proposal to support the trading of high-volume tokenized versions of stocks and other securities.
Under the pilot, tokenized stocks would trade alongside their traditional counterparts on the same order book, at the same price, with the same ticker and identifying number and carry the same rights.
Only “eligible participants” can take part in the pilot and the tokenized stocks are limited to securities that trade in the Russell 1000 Index, which tracks the 1,000 largest publicly-traded companies in the US by market capitalization, along with exchange-traded funds tracking the S&P 500 and Nasdaq-100 indices.
The approval comes after the Nasdaq announced earlier this month that it had linked up with crypto exchange Kraken to allow its clients to move securities from its infrastructure to tokenized versions that can be used on blockchains and to allow public companies to create and issue their own tokenized shares.
SEC chair explains why NFTs fall outside of securities laws
After the US Securities and Exchange Commission (SEC) outlined four broad categories of digital assets that fall outside securities laws, Chair Paul Atkins offered further clarity on why nonfungible tokens (NFTs) generally do not meet that definition.
In a Wednesday interview with CNBC, Atkins reiterated that the agency’s recent interpretive release identified four types of digital assets that are typically not considered securities: digital commodities, digital tools, digital collectibles such as NFTs, and stablecoins.
During the interview, host Andrew Ross Sorkin pressed Atkins on digital collectibles, noting they could more easily resemble securities depending on how they are structured.
“Well, that’s true with anything,” Atkins replied, emphasizing that the SEC’s analysis still hinges on the facts and circumstances of each asset, particularly whether it involves an investment contract under longstanding legal precedent.
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