Crypto market insights and digital asset research to drive brand impact
December 2025 delivered transformational regulatory clarity for tokenized securities in the United States:
> DTCC No-Action Letter (December 11, 2025): The SEC’s Division of Trading and Markets authorized a three-year pilot enabling DTCC to tokenize Russell 1000 equities, U.S. Treasury securities, and major index ETFs (S&P 500, Nasdaq-100). This pilot, expected to launch H2 2026, represents the most significant U.S. regulatory approval for tokenized equities, creating a pathway for traditional market infrastructure to interoperate with blockchain settlement.
> Broker-Dealer Custody Guidance (December 17, 2025): SEC clarified that broker-dealers can maintain “physical possession” of tokenized equities under Rule 15c3-3 if they maintain exclusive private key control and implement appropriate security policies. This removes a critical barrier that previously forced custody through non-traditional pathways.
> Nasdaq Rule Change Proposal (September 2025): Nasdaq submitted a proposed rule change to trade and settle tokenized securities on its exchange while maintaining national market system oversight, signaling major exchange interest in blockchain integration.
Commercial Partnerships
Clearly labelled, editorially aligned, content produced by DL Research
These partnerships provide high-visibility exposure while maintaining strict editorial standards.
Available formats include:
- Spotlights: longer-form, editorial-style, premium visibility articles
- Q&A Interviews: structured interview format
- Product Sponsorships: prominent, high-visibility placements
- Press-releases
- Live AMAs, X Spaces
- Roundtables: multi-voice discussions (written or live)
- Premium Banner Ads: featured across our site and newsletters
- Newsletter Sponsorships: placements across our three DL News newsletters
Client-Commissioned Deep Dives
In-depth research built for credibility, clarity, and long-term use
DL Research produces bespoke, commissioned research tailored to specific organizations, protocols, or initiatives. These reports are produced to continue delivering value over time.
Characteristics:
- Primary research and original analysis
- Data-driven and narrative-led
- Frequently used in investor decks, partner discussions, governance forums, and internal strategy
- Produced by DL Research analysts
Flagship Industry Research
A limited series of neutral, industry-wide research reports produced in collaboration with DefiLlama and governed by strict independent editorial standards.
These reports are supported by logo sponsorship only. DefiLlama’s data, rankings, and methodology are entirely independent and no commercial relationship influences how projects appear on DefiLlama.
Core publications include:
- State of DeFi: an annual industry reference report covering the DeFi ecosystem
- Quarterly Focus Reports: deep dives into a single industry theme
- Q1 2026 theme: Real-World Assets (RWA-Fi)
- Q2 TBA
- Q3 TBA
- Q4 TBA
Advisory Services
Research-led advisory support for internal decision-making
DL Research works alongside organisations, serving as a research and advisory partner. Engagements are confidential, customized, and intended for internal use rather than publication.
Research-led Marketing Campaigns
Structured campaigns aligned to defined marketing objectives
DL Research designs and executes structured, multi-channel marketing campaigns that combine research, editorial storytelling, and distribution across the DL Research, DL News, and DefiLlama ecosystem. These campaigns are goal-driven built to deliver sustained visibility and credibility.
Get in touch to explore the right format for your objectives.
How do I get started with DL Research?
Contact our team at research@dlnews.com, book a call directly, or use the form to send us a message.
- In-depth research commissioned by specific companies or projects.
- Designed for clarity, credibility, and long-term use.
- Clearly labelled promotion.
