Latest in Blockchain | November 26, 2025

Welcome to the Meridian Update. This will be our last Meridian Update until Monday. We’re thankful all of you join us each day as we keep track of what Crypto Twitter is talking about. Have a Happy Thanksgiving. Let’s dive in.

Time to SEC what’s happening in regulatory

When the Securities and Exchange Commission (SEC) hosts a full-day meeting, It doesn’t just set a block for lunch. No, it sets a block for “Lunch/Non-Public Administrative Session.” Of course lunch would be part food, part non-public administrative session at the SEC.

Anyway:

“The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on Dec. 4, 2025, at 10 a.m. ET. The meeting will be webcast on the SEC website.

The committee will host two panels:
- Regulatory Changes in Corporate Governance
- Tokenization of Equities: How Issuance, Trading, and Settlement Would Work with Existing Regulation”

We have discussed the tokenization of equities many times on the Meridian Update. About a month ago, we described them as follows:

“TSLA is the NASDAQ stock ticker for Tesla. You can’t get TSLA on Solana. Except you can. If you go on the Solana network right now, you can find the TSLAX token. It is TSLA tokenized onto Solana. Not all tokenized assets are definitionally created equal. But a way this can happen is that someone buys TSLA on NASDAQ, promises to hold it, and then turns the promise to hold it into a token you can buy on Solana. This is backing the asset one-to-one. And people are doing it. And some important people at the US Securities and Exchange Commission (SEC) are talking about how tokenization is a priority for them.”

Some important people at the US SEC are talking about how tokenization is a priority for them. Specifically, some important people at the US SEC are hosting a meeting with their Investor Advisory Committee to talk about tokenization. Here is what they will discuss:

“Tokenization is the issuance of a token representing ownership of an asset on a blockchain. This panel will explore the potential ways tokenization can improve how public equities are currently issued, traded, and settled while addressing how existing investor protections and securities laws apply. The discussion follows a significant increase in the issuance of tokenized securities.

Different forms of tokenized equities may carry different ownership rights related to voting and receipt of dividends – panelists will share their views on the issuance and trading of natively-issued securities and wrappers. The panelists will also examine the applicability of Regulation NMS to tokenized equities, the interoperability of tokens issued across different blockchains and other key market structure issues, including settlement and short selling.”

The “meeting will be webcast on the SEC website.” We’ll see you all at the webcast December 4, 2025 at 10 a.m. ET / 7 a.m. PT.

Digital asset treasuries still exist

Digital asset treasuries (DATs) were a theme of Crypto Twitter as recently as October. The basic concept is that a company with a publicly traded stock might be converted into a company with a publicly traded stock but that only holds a digital asset. People also some times use DAT to refer to a company holdings some of its reserves in an investment account focused on one or more tokens like BTC, SOL, or ETH.

Or Zcash (ZEC):

“Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced that it has completed a strategic realignment of its Digital Asset Treasury (“DAT”), by consolidating its digital asset position into Zcash (ZEC). The Company has fully exited its prior holdings and reallocated the proceeds into Zcash, a leading privacy-preserving cryptocurrency built on Bitcoin’s foundational architecture.”

We’ve talked about Zcash before. Here’s a refresher:

“Zcash is a blockchain network that allows users to do private transactions. And its price surged yesterday. So every transaction that happens on blockchain networks won’t be visible, exactly, at least not if Zcash has anything to do with it. Worth keeping an eye on this…but how, the privacy!”

ZEC is the native token of the Zcash network. Now, it is also the only holding of the publicly traded company Reliance Global Group, Inc.’s DAT.

The last time we wrote about DATs was to report on a company selling some of its BTC holdings for the first time ever. That was just to, you know, take profits. It seems we have another DAT selling some of its BTC. This time it’s to buy ZEC.

That’s a wrap

The SEC released an interesting meeting agenda and a DAT bought ZEC. We’ll see you Monday.

Think we missed something today? Send us a note: email@meridianupdate.com.