FINRA: Self-Regulatory Organization for Broker-Dealers
FINRA serves as the self-regulatory organization supervising broker-dealers and ATS platforms operating in the tokenized securities market — examining compliance, licensing representatives, and enforcing trading rules.
INX: SEC-Registered Digital Securities Exchange
INX Limited conducted the first SEC-registered digital security IPO in 2021 ($85 million) and operates both a registered ATS and the first SEC-approved digital securities exchange, providing dual-venue liquidity for tokenized assets.
Polymath: Security Token Issuance Infrastructure
Polymath provides security token issuance infrastructure through its ST-20 token standard and Polymesh blockchain — a purpose-built, permissioned chain designed for regulatory-compliant security token lifecycle management.
Prometheum: SEC-Registered Special Purpose Broker-Dealer
Prometheum holds a unique regulatory position as the first SEC-approved special purpose broker-dealer for digital asset securities, operating under the 2021 conditional custody framework with FINRA membership and ATS registration.
Republic: Reg A+ and Crowdfunding Platform for Digital Securities
Republic operates both a registered funding portal (Reg CF) and a Reg A+ issuance platform, having facilitated over $2 billion in alternative investments including tokenized securities, revenue share tokens, and digital equity offerings.
SEC (Securities and Exchange Commission)
The SEC is the primary federal regulator of tokenized securities in the United States, overseeing registration, disclosure, enforcement, and market structure for all digital assets classified as securities under the Howey test.
Securitize: Integrated Issuance and Transfer Agent Platform
Securitize provides end-to-end infrastructure for tokenized securities — issuance platform, SEC-registered transfer agent, and ATS operation — serving over 1.2 million investor accounts across institutional and retail security token offerings.
tZERO: SEC-Registered ATS for Security Tokens
tZERO operates the largest registered Alternative Trading System for security tokens by trading volume, processing an estimated $1.8 billion in secondary market transactions in 2025 across Reg D and Reg A+ tokenized securities.