The House Financial Services Committee will hold a hearing titled "Tokenization and the Future of Securities: Modernizing Our Capital Markets" on Wednesday, March 25 at 10:00 AM in Washington, D.C. — the first time Congress has formally examined legislation to bring stocks and bonds on-chain.

What's on the Table

Two bills are under consideration. The Modernizing Markets Through Tokenization Act of 2026 would create a regulatory pathway for tokenized securities and derivatives. The Capital Markets Technology Modernization Act of 2026 would allow regulated brokers, dealers, transfer agents, and investment advisers to use blockchain-based records under future SEC rules.

Neither bill directly resolves what critics call the central unanswered question: whether a tokenized asset qualifies as a security under current law.

Who's Testifying

The witness slate brings together Wall Street incumbents and crypto-native voices:

  • Kenneth Bentsen, Jr. — CEO, SIFMA
  • Summer Mersinger — CEO, Blockchain Association
  • Christian Sabella — Managing Director, DTCC
  • John Zecca — EVP and Global CLO, Nasdaq

Observers note the absence of consumer advocates and DeFi-native representatives, which may shape the hearing's focus toward incumbent market infrastructure concerns rather than open protocol design.

Why It Matters Now

The hearing follows a cascade of regulatory and market developments. In January, the SEC confirmed tokenized securities remain subject to existing securities laws. Last week, the SEC and CFTC signed a coordination pact to align oversight as Congress takes up the issue. Meanwhile, Nasdaq has announced plans to launch tokenized stocks by 2027, and NYSE has its own tokenization platform in development.

The hearing is expected to offer an early read on Congress's legislative appetite — and how far incumbents are willing to go on bringing capital markets on-chain.