ISDA has posted the recording of its webinar, Clarity on Chain, held on Wednesday, March 25. The webinar explored the key legal considerations for tokenized collateral, with a focus on securities tokenized on the DTCC Tokenization Services platform. In discussion with Brandon Hammer from Cleary Gottlieb and Thomas Sullivan from DTCC, the webinar covered subjects such as perfection and priority of security interests over tokenized assets, the suitability of current ISDA collateral documentation, conflicts of law on distributed ledgers and the treatment of tokenized collateral in insolvency or default. The Clarity on Chain webinar series aims to establish where legal clarity already exists and where more answers are needed. Tokenization has generated considerable interest across financial markets, and derivatives market participants are increasingly considering how tokenized assets might function as eligible collateral under existing legal and contractual frameworks. A common observation is that progress depends on achieving greater "legal clarity," which requires a focus on the specific tokenization structure being employed. This ISDA webinar seeks to move the discussion forward by examining the key legal questions for collateral in a specific context, focusing on securities tokenized in the DTCC Tokenization Services platform. Among the issues to be considered: how perfection and priority of security interests are established over tokenized collateral under existing property law regimes; whether current ISDA collateral documentation adequately accommodates tokenized collateral or requires amendment; how conflicts of law principles apply when collateral is held on a distributed ledger; and how tokenized collateral would be treated in the context of an insolvency or default. The session will consider where existing legal frameworks may already provide workable answers, where legislative or regulatory intervention appears necessary, and where industry-led solutions such as updated documentation standards or legal opinions may offer a near-term path forward.