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SEC authorizes BSTX for traditional market blockchain settlements

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The SEC approval of BSTX does not include crypto trading or other utilization of blockchain technology.

The United States Securities and Exchange Commission (SEC) has issued administrative authority to the Boston Security Token Exchange (BSTX), a recent facility of the Boston-based BOX exchange, to serve as a blockchain-based securities exchange.

BSTX was formed by BOX and Overstock's blockchain arm, tZERO, to obtain regulatory authority to release publicly-traded registered security tokens. The SEC's approval to function as a national securities exchange, on either side, enables BSTX to leverage blockchain technology for rapid settlements in traditional markets. According to the Securities and Exchange Commission (SEC), “The Commission notes that the [BSTX] Exchange’s current proposal does not involve the trading of digital tokens and such a proposal, or any other additional use of blockchain technology.”

The SEC formerly refused BSTX approval to provide crypto-focused services, however, the recent approval enables it to utilize a unique market data stream called BSTX Market Data Blockchain.

Moreover, BSTX will leverage blockchain technology to provide investors with rapid transaction speeds on the same day ("T+0") or the next day ("T+1"), as compared to traditional markets' usual two-business-day ("T+2") settlement cycle.

The SEC imposed four criteria for BOX by BSTX's activities, in addition to the regulatory authorities based on BSTX's rule change proposals (SR-BOX-2021-06).

Adopting all necessary national market system plans linked to equities trading, having a Regulatory Services Agreement with FINRA, involvement in the Intermarket Surveillance Group for the BSTX facility, and an appropriate governance structure all are required.

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