SEC White Paper Addresses Market Fragmentation and Tokenization Infrastructure

🏛️ SEC tackles tokenization

By Pyth
Mar 9, 2026, 2:12 PM
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A new SEC white paper from Douro Labs examines the critical need for modern first-party data infrastructure as financial markets become increasingly fragmented and tokenization gains momentum.​

Key Points:

  • The paper titled "Beyond Reg NMS" addresses how traditional market data systems need to evolve
  • Focus on first-party data infrastructure as essential, not optional
  • Comes as institutions transition from tokenization pilots to production systems

Why It Matters:

This represents regulatory acknowledgment that tokenization is moving from experimental to core market infrastructure.​ The emphasis on first-party data suggests a shift toward more direct, transparent data sources rather than intermediated feeds.​

Read the full white paper

Sources
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