Gate News reports that on March 26, Plume Network General Counsel Salman Banaei testified before the U.S. House Financial Services Committee, calling for the integration of tokenized securities into the existing regulatory framework. Banaei stated that tokenized securities should not be viewed as a completely new asset class, nor should entirely new rules or exemptions be created for them. He argued that regulation should be driven by the economic nature and risks of financial products, rather than the technology used. Therefore, targeted amendments to current laws should incorporate new technological realities into a mature regulatory framework. Banaei pointed out that utilizing public blockchains and on-chain compliance tools—such as Plume’s built-in protocol-level anti-money laundering screening—can significantly enhance market transparency, reduce costs, and decrease reliance on intermediaries, all while maintaining or exceeding existing regulatory standards. He emphasized that the global competition for tokenization infrastructure is accelerating, with regions like Hong Kong, Singapore, and the UAE actively positioning themselves. If the U.S. falls behind due to policy uncertainty and regulatory delays, it risks losing its leadership in the digital transformation of the global capital markets, allowing foreign competitors with different geopolitical goals to seize this strategic opportunity. Banaei was the only expert representing emerging RWA projects among the key witnesses at the hearing, sharing the stage with Wall Street executives from Nasdaq, DTCC, and SIFMA.
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