The CNV's Regulatory Mess: When the Financial Elite Wants to Hijack Tokenization

Pablo Rutigliano comments on what he considers to be a "regulatory mess" at Argentina's CNV

By: Pablo Rutigliano

The National Securities Commission (CNV) has decided to venture into uncharted territory: the tokenization of real-world assets (RWA). And it has done so with resolutions such as 1081, which are not only technically unsustainable but also represent a veritable regulatory mess.

Far from paving the way for growth and democratization, the CNV clings to a model that perpetuates the monopolization and cartelization of the economy. argentina.His intervention does not respond to public interest or a genuine defense of investors. It responds to the same old logic: protecting the same actors who for decades enriched themselves by plundering national resources.

Tokenization is much more than just a tool. financial. It is the possibility of opening up access to financing, with transparency, traceability, and scalability. It is the chance for embryonic projects—from an SME in the Puna region of Argentina to a yerba mate cooperative in Misiones—to become protagonists in a new economic paradigm.

But with the CNV meddling in a field it doesn't understand, what should be a technological revolution becomes a bureaucratic maze designed to ensure that nothing changes.

The true meaning of tokenization

When we talk about tokenization, we are talking about something radically different from traditional instruments. It is not about financial trusts or unbacked securities. It is about converting tangible and intangible assets into traceable digital representations, with clear rules, verifiable valuation formulas, and the possibility of accessing an open market.

The essence is to democratize the economy. Innovative ideas, embryonic projects, and industries with potential should be able to find financing without depending on banks or the financial elite that has always imposed its conditions.

Tokenization enables the creation of win-win models, where capital inflows and outflows are transparent, where feedback generates genuine economic growth, and where corruption and opacity have no place.

To talk about tokenization is to talk about progress, inclusion, and an economic model that can be traced from its origin to its realization. Above all, it is to talk about sovereignty: that Argentines can give value to our resources without others taking them away for pennies.

The conceptual error of the CNV

The CNV insists on restricting tokenization under rules designed for a world that no longer exists. It attempts to apply the logic of the Capital Markets Law, an obsolete law, to a model that requires new conceptual frameworks.

But tokenization does not fit there, and it cannot fit there. Tokens are not negotiable securities, and pretending to treat them as such is to ignore their essence. Blockchain does not replicate the old system: it replaces it.

The problem is not technical, it is political. The CNV does not seek to organize. It seeks to control. And by controlling, what it does is slow down the process of economic digitization. It acts as if it had authority over an area that does not belong to it, while the real institution that should intervene—the Financial Information Unit (UIF)—is sidelined.

The UIF should ensure that tokenized projects comply with standards of traceability and prevention of financial crimes. That is true control. Not that of a CNV which, under the excuse of "protecting investors," does nothing but shield privileges and keep alive a system that is exhausted.

The cost of delay

Every time the CNV puts the brakes on, Argentina loses. Entrepreneurs who cannot access financing lose. SMEs that are unable to scale up lose. Young people who could be working on innovative projects but are forced to emigrate lose.

Meanwhile, the world moves forward. Countries that understood the importance of tokenization already have regulatory frameworks that encourage the development of new digital economies. And Argentina, with its strategic resources, could be at the forefront.

Lithium, water, food, services... everything can be tokenized. Everything can be part of a model that guarantees transparency, traceability, and scalability. But instead of promoting this path, the CNV slows it down, imposing traditional schemes that do not fit and destroy opportunities.

This delay is not neutral. It favors those who have always benefited from looting and underbilling. We saw this in Criminal Case 3309/23, when the courts ruled in favor of the Latin American Chamber of Lithium against mining cartelization. And we see it today in Criminal Case 36.601/25, where those who operated against Atómico 3 and against a transparent tokenization model will have to answer for their actions.

Corruption and the ruling class

What lies behind Resolution 1081 is not a technical error. It is the invisible hand of the financial and mining elite, which seeks to control tokenization in order to render it meaningless.

They talk about protecting investors, but in reality they protect monopolies. They talk about regulation, but in reality they design a system so that nothing changes. And worst of all: they assume the authority to regulate something they do not understand.

This is not a minor issue. It is an abuse of Argentine citizens' rights. Because tokenization is also an act of sovereignty: it is the possibility for the people to access a transparent and traceable economic model, without the shadow of corruption that has always covered this country.

The future they cannot stop

For all these reasons, I say clearly: the CNV must step aside. Its officials should resign because of the damage they are causing to innovation, SMEs, financing, and the future of Argentina.

This is not a personal whim. It is about defending a collective right: the right to participate in the technological revolution that is transforming the world.

Tokenization cannot be held hostage by bureaucrats. It is the way to end looting, to build a transparent metals and futures market, to eliminate under-invoicing, to give entrepreneurs the chance to grow, and to give Argentines the opportunity to live in a country with real economic sovereignty.

Lithium, water, energy, food... all our resources can be tokenized under a transparent model. And that model is not only possible: it is inevitable.

The CNV may delay, may obstruct, may continue to favor its friends in the establishment. But history is stronger. And history will say that tokenization is the future, and that no one, absolutely no one, will be able to stop it.

The real mess isn't just Resolution 1081. The real mess is an institution's inability to understand the future and its obsession with defending an outdated model.

Today, Argentina needs transparency, traceability, and scalability. It needs to leave behind the financial and mining elite that has always exploited the people. It needs a tokenized, open, democratic, and sovereign market.

Because tokenization is not empty rhetoric. It is the tool that can end corruption, finance SMEs, and transform resources into real value for the country.

I repeat emphatically: the CNV has neither the technical nor the moral authority to regulate what it does not understand. And if they insist on doing so, it will become clear that their only objective is to perpetuate a corrupt system.