In the first of a two-part podcast series, Brett Redfearn joins for a discussion on the emerging high-profile topic of tokenization of equity trading, a direction of travel that represents the most significant market structure change in the past 20-30 years. Brett is arguably the world's pre-eminent thought leader on tokenization, marrying his expertise from his time as global head of market structure for JP Morgan and at the SEC as Head of Trading and Markets with his more recent consulting work with crypto technology providers on the evolving space of tokenization. In this episode, we work through the basics of crypto technology including important terminology and use cases for investors and issuers beyond the surface examples of custody, 24-7 trading and ability to trade notional rather than fixed share amounts. In the latter part of this episode, we dig into the definition of a security, who regulates the various products in the US and how it might be possible for secondary market rules to differ between de-fi activity in equity tokens and traditional financial markets. Part 2 will follow in the next few days.

This podcast was recorded on November 26, 2025

Chapter Headings:

04:46    Crypto Products vs Crypto Technology

07:08    Stablecoins and Tokenization

15:56    Use Cases for Investors and Issuers

27:36    Determining What is a Security -The Howey Test

32:53    Who Regulates Tokenization in the US?

36:22    How Can Secondary Trading in Defi and Trad-fi Have Different Rules?

43:05    The Nasdaq-DTCC Announcement

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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