The Token Playbook

The independent resource for Tokenized RWA/Securities, practitioners, providers, and leading voices. Visit to join or sponsor.

[SecondParty @InnoExemption]

The cumulative market cap and trade flow under the SEC's Innovation Exemption will make your head spin.

For large Tier 1 stocks, $221 BILLION of traditional shares could be tradeable if TSVs like @okx's venture with @ICE_Markets and TSVLLC and others maxed out their allocations.

That equates to about $1.54B trading per day.

To reach these levels you would need 37 TSVs.

[Dave Hendricks @davehendricks]

@AlonGoren @HarryTran_RWA @RWAFoundation_ @thede_plandude Hey Old Friend

Just use https://t.co/mCdGYr6Wcx

It's the thing that I built so you don't have to scroll.

https://t.co/3acDZFoUI4.All.There.

And it's free unless you want to big boy features.

I built it.

[Dave Hendricks @davehendricks]

You're awesome @HarryTran_RWA

Yes. it's true...I build stuff! I leave the smarter trading stuff to you all!

@Vertalo_ - the first and original agentic tokenization and transfer agency platform. Still the only TA that can manage both digital dematerialized (traditional book entry) and tokenized assets on the same ledger.

@TokenPlaybook - the global and real-time Deep Intelligence platform for RWA and Securities Tokenization - https://t.co/mt4C7fkXr2

@InnoExemption - the synchronization, harmonization, and orchestration platform for tokenized stonks...not just the ones under the SEC's new Exemption

[SecondParty @InnoExemption]

Harmonizing

[Dave Hendricks @davehendricks]

Mike, a couple of thoughts - after commercializing most of what your joint submission proposes - starting 8 years ago.

@vertalo_ filed its detailed submission letter on Sept 6th.

https://t.co/bzgeBJkUnY

We agree on these:

✅Modernizing the rules and keeping the wording technology-neutral.
✅Putting the wallet address in the record.
✅Keeping personal data off public chains.
✅Preferring outcomes to fixed prescriptions.
✅Using contract-enforced restrictions.
✅Treating ledger permanence as good for audit.

@Vertalo_ presented most of that to the commission in 2020 and our data structure is essentially the identical architecture to the recently proposed TA Rules. That doesn't mean we don't have issues. Our comment letter was 105 pages. And the biggest issue we raised concerned 'exclusive control'.

We started these conversations with the SEC and FINRA in 2018 and have been checking and confirming and pushing on these for years already. So we have mostly the same - but a much older - dog in this fight as the first to do any of this.

Here are the tougher parts about the group submission:

⁉️ The wallet address can replace the name and mailing address - This is not happening any time soon and frankly it is not practicable today.
⁉️ Any claim that a wallet address is a better identifier than a name
⁉️Any allowance for the issuer to hold freeze and forced-transfer powers - the letter puts forth a fairly radical proposal and of all the elements of the proposed TA rules, this is the one technical area where there is real debate between those of us who tokenize securities and those who don't can't.

I'm glad that you commented. Thanks.

As the co-chair of the Securities Transfer Association's Tokenization Committee (alongside Billy Miller who co-signed your submission), we welcome your participation in the discussions amongst the TA community members who share many of your thoughts about principled and technical approaches. Billy and I have been working on this hard alongside several other stalwarts.

@Equiniti @Bullish @Computershare @Securitize

[Dave Hendricks @davehendricks]

I submitted a comment letter to the SEC on this last week, and mostly agree with key points that @mcagney lays out here. But having built a working prototype of the Innovation Exemption orchestration layer (it's a dance) at https://t.co/8zVnHoMVHp leveraging @Vertalo_'s MCP Server (which connects to our transfer agent platform) , I weighed in and commented on Mike's post.

[Dave Hendricks @davehendricks]

@andyyy Me: Single Signer portable KYC?

Coldcard: Hold My Beer!

[Vertalo 24/7 @Vertalo_]

The SEC’s Innovation Exemption Is Missing a Piece: Orchestration., by @davehendricks
https://t.co/ziUouLH3wc

[The Token Playbook @TokenPlaybook]

@araseb_ Innovation Exemption

[Dave Hendricks @davehendricks]

How the SEC's Innovation Works in the real world and what needs to be tweaked before it can really cook. https://t.co/fVhjIMRuvk

[The Token Playbook @TokenPlaybook]

Need to talk to @Vertalo_ about this…

[Ottavi @ottavi_]

https://t.co/byIY1RpomU

[The Token Playbook @TokenPlaybook]

@ottavi_ We are actually building this.

Wait for more info soon…like Monday AM soon.

[The Token Playbook @TokenPlaybook]

@yoniassia thanks for the follow!

[Dave Hendricks @davehendricks]

Tokenized Stocks Can Now Trade Onchain in the US,
https://t.co/AXeGeA67KQ

[Dave Hendricks @davehendricks]

The SEC's Innovation Exemption came out. Tokenized Stocks onchain are now tradeable. This is kind of a big deal.

But can you read every page of the Exemption? Why bother, I did that for you.

As a builder of agentic tokenization and transfer agency, serving issuers and their investors since 2017, this is exciting: Tokenized shares of listed US companies can trade onchain, in the US, for 5 years.

I built a platform to help you figure out what to do. @tokenplaybook

We analyzed the exemption and have broken down and created a 'runbook' of 14 steps to actually do it, 1 per post. Built from the 60-page order, not the press release. 🧵

[Dave Hendricks @davehendricks]

Simple Breakdown here: https://t.co/kANwmSlMgh

Learn more and ask more at https://t.co/4V2P7VVNzN @TokenPlaybook @Vertalo_

[The Token Playbook @TokenPlaybook]

My Boss @davehendricks is older than that and built something to fix a huge problem (how and why to tokenize) after spending >20,000 hours meeting with ppl interested in tokenizing (as Founder of @Vertalo_) who did not know where to start

They can now start by signing up for https://t.co/Iyxsp5VPER

It’s free for members.

You can pay for super powers

[Marc Zeller @mzeller]

As someone who might have one of the deepest networks of crypto LPs and HNWIs, having grown one of the largest onchain apps to >$75B TVL at its peak

I can attest that a fair share of the wealthiest folks in our industry have anime PFP accounts with fewer than 300 followers.

The reply guy you might be tempted to treat like a nobody could actually be sitting on a >$30M portfolio.

Stay humble.

[The Token Playbook @TokenPlaybook]

@STOFoundation_ Runbooks for every asset

Every chain

Every asset type

Every structure

Every jurisdiction

Together with @STOFoundation_

[Dave Hendricks @davehendricks]

IMO: RWA Tokenization at scale does not function without AI.

RW-AI is the future.

@Vertalo_ has already released its Issuer-Sponsored Asset MCP server, enabling Agentic Tokenization and Transfer Agency, accessible via a clients MCP Client, on a clients own site, fully headless.

In Q4, we will release a complete Transfer Agent MCP Server, enabling any firm to bring their own TA registration and get the power of our TA tech, and they will be able to tokenize their issuers assets in issuer-sponsored mode.

We may also introduce the 3rd party Entitlement MCP Server, enabling any wrapper to leverage our TA tech to provide wrapped token investors with a golden source of truth for their Tokenized Stonks held indirectly.

None of this is possible without AI.

RWA by itself is still gonna super-cycle.

We are going to Turbo charge that with AI, already are in fact.