Are Real Estate Tokens Securities?
Real estate tokens are routinely treated as securities under U.S. law because they are sold as fractional investment interests tied to property income, appreciation, or sponsor performance — not as consumptive digital products. That characterization has significant consequences. Under the Securities Act of 1933, every offer and sale of a security must be registered with […]
Selecting the Right Securities Exemption for Tokenized Real Estate Offerings
Tokenization has created new ways to package and distribute investment interests in real estate, private credit, and other alternative assets. What it has not done is create a new category of law. The decision to use blockchain infrastructure does not resolve the foundational question that every issuer faces before raising capital: which securities exemption governs […]
Tokenized Real Estate vs. Traditional Syndications: Key Legal and Structural Differences
What Sponsors and Investors Need to Understand Before Choosing a Capital-Raising Structure Real estate sponsors today can raise capital through traditional syndication structures or through tokenized investment models — but the two are not interchangeable, and they are not as different as marketing materials often suggest. Traditional syndications rely on familiar private-placement frameworks that have […]
How Real Estate Tokenization Works Under U.S. Securities Laws
Real estate tokenization is not a shortcut around securities regulation. That has always been true, and the SEC’s 2026 interpretive release — Release Nos. 33-11412 and 34-105020, issued jointly with the CFTC — makes it clearer than ever. If you are a real estate sponsor, developer, or investor exploring tokenization, the most important thing you […]
How the CLARITY Act Could Reshape Real Estate Tokenization
The CLARITY Act remains pending in the Senate. But a major piece of the regulatory picture it was meant to provide has already arrived: the joint SEC/CFTC Release 33-11412 formally classifies crypto assets into five categories, defines “Digital Securities,” and applies the Howey test to tokenization in ways that directly and immediately govern real estate […]
What is Real Estate Tokenization?
Real estate tokenization lets sponsors bring the efficiency of digital infrastructure to private capital raises. But before you engage a platform or mint a token, you need to understand what tokenization actually does, what it does not do, and why the legal structure you build around it matters more than the technology itself. Real estate […]
The SEC’s New Crypto Roadmap: What Release 33-11412 Means for Tokenized Real Estate
The SEC’s New Crypto Roadmap: What Release 33-11412 Means for Tokenized Real Estate Last week, the SEC and CFTC jointly issued Release Nos. 33-11412 and 34-105020 — a landmark interpretive release that finally answers a question the industry has been asking for years: when is a crypto asset a security, and when is it not? […]