Which agency approved DTCC blockchain pilot?

TLDR

The U.S. Securities and Exchange Commission (SEC) approved DTCCs blockchain pilot.

1. Approval came via a three-year SEC no-action letter for tokenized entitlements of traditional securities. SEC approval
2. Scope includes highly liquid assets like Russell 1000 stocks, major index ETFs, and U.S. Treasuries on pre-approved blockchains. Program scope
3. Launch is planned for the second half of 2026 under DTCCs oversight and controls. Timing detail

Deep Dive

1. SEC No-Action Approval

The SEC granted a three-year no-action letter enabling DTCC (via DTC) to record tokenized entitlements of certain traditional securities on select blockchains. This is the formal mechanism that permits the pilot without immediate enforcement action while the service operates as described. See the approval context and terms in this report.

2. Scope and Asset Set

The pilot targets a defined, liquid universe including Russell 1000 components, index-tracking ETFs, and U.S. Treasury bills, notes, and bonds, issued on pre-approved networks with investor protections intact. Multiple summaries confirm the asset list and guardrails, including this program scope.

3. Timeline and Controls

DTCC plans to begin the pilot in the second half of 2026 with a three-year window, operating within a controlled, permissioned environment and registered wallets. Timing and operational safeguards are detailed in this timing detail.

Conclusion

The SECs no-action relief is the green light for DTCC to run a tokenization pilot in a regulated setting. By focusing on liquid securities and operating within tight controls, the program could demonstrate practical efficiency gains while maintaining investor protections. If successful, it could accelerate wider adoption of tokenized market infrastructure.