Leaders at the Bell with Ron Geffner, Partner at Sadis Goldberg, Dec 08, 2025

Ron Geffner, partner at Sadis & Goldberg and former SEC prosecutor, examines the evolving landscape of tokenization and digital assets during a pivotal week for financial markets. As the Federal Reserve prepares for a potential rate cut, Geffner addresses the fundamental tension between innovation and investor protection in cryptocurrency markets. He explains how tokenization creates digital representations of beneficial ownership interests in real-world assets ranging from gold to real estate and bonds, emphasizing that these offerings still fall under securities laws established nearly a century ago. The 1946 Supreme Court case SEC v. Howey remains the primary metric for determining what constitutes a security, requiring careful legal analysis of whether crypto offerings involve investment of money with expectation of profit from others' efforts.

The discussion highlights critical compliance considerations for asset managers entering the digital asset space. Geffner outlines the decision tree facing token issuers, from registration requirements to exemption qualifications and disclosure accuracy, noting particular complexity around special purpose vehicles that hold underlying assets. Cross-border jurisdictional challenges, anti-money-laundering protocols, and know-your-client requirements vary significantly by country, creating additional layers of complexity. Despite these regulatory hurdles, Geffner confirms continued growth in fund manager appetite for cryptocurrency exposure, noting that digital assets have transitioned from retail speculation to institutional legitimacy across his firm's portfolio of over one thousand funds globally.