On February 9, 2026, U.S. Securities and Exchange Commission Commissioner Mark T. Uyeda delivered remarks at the Asset Management Derivatives Forum in Austin, Texas, discussing implementation of the Commission’s Treasury Clearing Rule and broader market structure developments.
Uyeda described the U.S. Treasury market as foundational to global financial stability and stated that nearly $29 trillion in marketable Treasury securities are outstanding. He said expanded central clearing requirements for Treasury transactions remain a key element of the Commission’s market structure reforms.
The commissioner noted that the SEC has approved two additional clearing agencies — CME Securities Clearing Inc. and ICE Clear Credit LLC — to provide clearing services for Treasury securities under the revised framework.
He also stated that the Commission extended certain compliance deadlines to provide market participants additional time to prepare for operational changes. According to the remarks, SEC staff have been directed to continue engagement with industry participants on technical implementation questions, including issues related to the scope of covered transactions and inter-affiliate arrangements.
Implementation timeline and market coordination
Uyeda said implementation of the clearing requirements requires coordination across clearing agencies, broker-dealers, and market participants. He stated that the Commission has been working with stakeholders to address operational readiness and compliance considerations as deadlines approach.
The remarks referenced ongoing staff engagement with industry participants to resolve technical questions arising from the rule’s application.
Tokenization and the application of federal securities laws
In addition to clearing reforms, Uyeda addressed the development of tokenized market infrastructure. He stated that the Commission is engaging with market participants as technological models evolve, including tokenized representations of securities and related settlement processes.
Uyeda emphasized that federal securities laws apply irrespective of the technological form used to facilitate transactions. He described the SEC’s approach as technology neutral and stated that emerging tokenization models must operate within the existing statutory and regulatory framework.
