Chainlink's Nazarov tells the CFTC that the pace of tokenization will decide America's market dominance

@SergeyNazarov, co-founder of @chainlink, used a Thursday appearance before the Commodity Futures Trading Commission's Innovation Advisory Committee to deliver a pointed message to US regulators: the speed at which America moves its financial markets on-chain will determine whether the country holds its position at the top of global finance.

Nazarov argued that US equities' roughly 60% share of global equity value is not guaranteed as capital markets migrate to blockchain infrastructure. "If the global financial system moves on-chain," he told committee members, "you would want the US financial system to move on-chain at the same speed, or ideally faster, if you want to retain that approximate 60% market share. This is what we are discussing, and it determines America's position in the global financial system."

Regulatory Uncertainty Has Already Cost the US

Drawing directly on his experience as an infrastructure provider, Nazarov told the committee that many founders have already left the US because of years of regulatory uncertainty. "For every Hayden or Shane who have the strength and the will to stay in the US and build innovative, high-quality applications," he said, "there are thousands for each one of them that left or closed down." He added that he has lived that cost personally alongside founders for over seven years, and that many of them are simply no longer building at all.

Chainlink's oracle network has processed over $25 trillion in transaction value, giving Nazarov direct visibility into where builders are choosing to operate. He did offer a note of optimism, praising the SEC and CFTC for now working in tandem rather than competing for jurisdictional turf, calling it "a massive improvement for the reputation of the US and trust in the markets."

Tokenization and the Race to Go On-Chain

Nazarov said the next major phase of blockchain adoption will come from the tokenization of equities, with the value created on-chain naturally attracting corresponding financial products and markets around it. He pointed to two immediate advantages of blockchain-based market infrastructure: collateral management improving from two-day settlement cycles to round-the-clock operation, with greater transparency over collateral at every step; and stronger security through smart contracts and oracles, which he argued will become increasingly valuable as AI is used to attack and manipulate financial markets.

The broader tokenization market is already moving quickly. The tokenized RWA market has grown by more than 420% since the start of 2025, rising from around $5.8 billion to more than $30 billion, according to analytics platform RWA.xyz. Longer-term forecasts remain wide-ranging: McKinsey projects a $2 trillion market while BCG estimates $16 trillion by 2030.

Nazarov was appointed to the CFTC's Innovation Advisory Committee in February 2026, a body launched and sponsored by CFTC Chairman Michael S. Selig. The committee brings together senior leaders from traditional finance, market infrastructure, and the digital asset industry to advise the Commission on how emerging technologies, including blockchain and AI, are transforming derivatives and commodity markets. Thursday's session marked the committee's first substantive public hearing since its formation.

Sources:
Crypto Times: Live CFTC Innovation Advisory Committee Meeting
Chainlink Official Press Release: Nazarov Appointed to CFTC Innovation Advisory Committee
CoinTelegraph via TradingView: Tokenized RWA Market Grows 420% Since 2025