Coalition for Tokenized Markets Calls for Regulatory Clarity in European Commission’s MiCA Review
CTM urges technology-neutral rules and legal certainty to support the responsible development of tokenized securities, funds, and financial-market infrastructure.
WASHINGTON, D.C. — September 30, 2026 — The Coalition for Tokenized Markets (CTM) has issued its response to the European Commission’s targeted consultation on the review of the Markets in Crypto-Assets Regulation (MiCA), outlining recommendations to support the development of tokenized capital markets while preserving investor protections and financial stability.
CTM’s response centers on a fundamental principle: a financial instrument’s regulatory treatment should reflect its economic and legal characteristics, regardless of the technology used to record or transfer it. A tokenized security remains a security and should continue to be governed by the applicable financial-services framework.
The Coalition supports maintaining the existing boundary between MiCA and EU financial-services legislation. Tokenized shares, bonds, fund interests, and other financial instruments should remain subject to the relevant sectoral rules rather than being brought within MiCA solely because they use distributed ledger technology (DLT). Firms conducting activities across both markets should comply with each applicable regulatory regime.
CTM’s recommendations include:
Clarifying asset classification: Provide targeted guidance and consistent supervisory treatment for tokenized financial instruments, including hybrid and wrapped structures.
Strengthening legal certainty: Address ownership, transfer, custody, enforcement, and insolvency so tokenized assets can be reliably transferred and used as institutional collateral.
Maintaining technology neutrality: Regulate economic activity and risk while allowing market participants to adopt DLT without unnecessarily reproducing legacy infrastructure.
Supporting different tokenization models: Recognize the legal distinctions between assets created natively on DLT and tokens representing assets held within separate legal structures.
Advancing international coordination: Promote regulatory cooperation, particularly with the United States and United Kingdom.
The response also highlights the role of stablecoins and tokenized deposits as potential settlement infrastructure for tokenized capital markets, subject to appropriate prudential, monetary, and financial-stability safeguards.
For institutional adoption, CTM emphasizes that issuance must be accompanied by reliable transferability, settlement, collateral use, and enforceable rights. The Coalition encourages the Commission to clarify existing frameworks rather than expand MiCA into areas already governed by financial-services legislation.
About the Coalition for Tokenized Markets (CTM)
The Coalition for Tokenized Markets (CTM) is a U.S. and transatlantic industry coalition of asset managers, financial institutions, and technology and infrastructure providers working to advance the responsible development of tokenized securities and funds. CTM engages with policymakers and regulators across the United States and Europe to promote technology-neutral regulation, interoperability and common international standards, an expanded and trusted permissioned-wallet ecosystem, and the recognition of tokenized funds as eligible collateral. Founding members include WisdomTree, Janus Henderson, Franklin Templeton, and JP Morgan Asset Management.