Core Insights - Ondo Finance has appointed Peter Curley, a former U.S. Treasury and SEC official, to lead its global regulatory strategy, indicating a strong focus on regulatory engagement in the tokenization market [1][2][7] - The RWA tokenization market has reached over $28 billion, highlighting its significance in the financial landscape, particularly as it matures beyond real estate-backed securities and NFTs [3][4][7] - There is a pressing need for consistent regulatory frameworks across regions, as the current lack of uniformity poses challenges for market participants [5][6][7] Market Dynamics - The tokenization market is currently dominated by tokenized private credit, which accounts for nearly 60% of the market, while U.S. Treasury debt constitutes about one-third [4] - Regulatory clarity in key jurisdictions has facilitated the rapid growth of these segments, emphasizing the importance of clear guidelines for market expansion [4] Regulatory Landscape - The regulatory approach varies significantly across regions: - In the United States, tokenized assets are generally treated as securities under the Howey Test, placing them under SEC jurisdiction [8] - The European Union's MiCA framework provides a clearer classification for asset-backed tokens, distinguishing them as either securities or crypto-assets [8] - Dubai's VARA is leading in regulatory innovation, having licensed significant tokenization projects, such as a $3 billion real estate tokenization deal [8]