The U.S. Securities and Exchange Commission staff issued a joint statement on Jan. 28, 2026, providing greater clarity on the application of the federal securities laws to the category of crypto assets commonly referred to as tokenized securities. The staff introduced the statement as guidance on the taxonomies of tokenized securities to assist market participants in complying with federal securities laws and preparing registration statements, proposals, or requests for submission to the staff or the SEC.

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Photo of Rebecca G. DiStefano Rebecca G. DiStefano

Rebecca G. DiStefano is a member of the firm’s Global Corporate Practice and Global Securities Practice with deep experience in capital formation matters and securities compliance. She counsels clients in a diverse range of corporate securities, corporate governance and regulatory matters at every

Rebecca G. DiStefano is a member of the firm’s Global Corporate Practice and Global Securities Practice with deep experience in capital formation matters and securities compliance. She counsels clients in a diverse range of corporate securities, corporate governance and regulatory matters at every stage of the corporate life cycle from the emerging growth phase to mature companies evaluating exits.

Ms. DiStefano has wide-ranging experience guiding the executive suite at the intersection of capital formation and securities regulatory matters analyzing a range of finance options to help clients pursue their objectives. Ms. DiStefano’s public and private company clients span a variety of industries including real estate, hospitality, financial services, life sciences, energy, manufacturing, fintech and blockchain technology, and resources. She guides firm clients in financing activities such as early seed, angel and venture capital rounds, community investing, liquidity, bridge and growth capital, and including Regulation D Private Placements, Regulation A Qualifications, Regulation CF Crowdfunding, Registrations, as well as attendant continuing disclosure requirements, periodic reporting and corporate governance matters.

Ms. DiStefano’s clients are often private companies preparing to become public companies or planning for a significant growth phase. She regularly represents clients before the Securities and Exchange Commission and state securities agencies. She has served on the firm’s interdisciplinary Blockchain Task Force since 2017.

Photo of Barbara A. Jones Barbara A. Jones

Barbara A. Jones is Co-Managing Shareholder of the firm’s Los Angeles office and a member of the firm’s Global Corporate practice. Barbara serves as Chair of the firm’s interdisciplinary Blockchain & Digital Assets practice. Barbara maintains a diverse corporate and securities law practice

Barbara A. Jones is Co-Managing Shareholder of the firm’s Los Angeles office and a member of the firm’s Global Corporate practice. Barbara serves as Chair of the firm’s interdisciplinary Blockchain & Digital Assets practice. Barbara maintains a diverse corporate and securities law practice across industry groups, emphasizing complex international and domestic transactions, including private and public financings, dual listings, mergers and acquisitions, strategic collaborations and joint ventures, and licensing transactions. She serves as a trusted advisor to public and private company boards of directors on governance matters and complex regulatory reporting and compliance issues. Barbara’s clients include financial institutions, private equity and venture capital groups, and public and private companies in emerging technology, life sciences and biotechnology, defense and security, blockchain and digital assets, telecommunications, information technology, energy (traditional and renewable), mining, media, entertainment and sports. Barbara also represents Olympic and professional athletes and sports-related organizations.

Barbara practiced U.S. law in London from 1990 through 1997 with Sullivan & Cromwell, LLP, and headed the international capital markets practice of Kirkland & Ellis LLP from 1999 to 2003 before relocating to Boston. From 1997 to 1999, she served as Vice-President, Assistant General Counsel and Regional Counsel for capital markets with J.P. Morgan Securities Ltd. in Europe, the Middle East and Africa. Since returning to the U.S., she has continued to actively represent public and private companies, private equity groups and investment banks in the European, Scandinavian, African and greater Asian markets, including China.

Barbara is a past chair of the ABA’s Subcommittee on International Securities Matters. She is a frequent speaker at conferences relating to cross-border securities matters, strategic alternatives, and digital asset structures. She serves on the Government of Bermuda’s Global FinTech Advisory Board.

Photo of Erika Cabo Erika Cabo

Erika Cabo is Of Counsel in the firm’s Corporate Practice.