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Following美国证券交易委员会推进代币化股票链上交易豁免
本周参议院未能推动《清晰法案》（CLARITY Act）前进，但美国证券交易委员会（SEC）并未因此停滞，而是加速推进其自身的加密货币议程。今日上午，该机构推出了一项备受瞩目的加密倡议：一项豁免条款，旨在为将代币化的美国股票引入区块链提供合规路径，随着传统金融和加密领域代币化进程的加速，这一举措具有重要意义。
SEC主席保罗·阿特金斯在声明中表示：“尽管各方不懈努力，本周国会未能推动《CLARITY法案》的进展。因此，今天，美国证券交易委员会在其法定权限内采取重要一步，通过‘创新豁免’促进某些代币化股票的链上交易，从而将美国的资本市场带入数字时代。”
运作机制与核心限制
根据SEC官员的介绍，符合条件的平台——被称为“代币化证券场所”（Tokenized Securities Venues, 简称TSV）——可以利用公共、无需许可的区块链上的自动做市商（AMMs）和流动性池，促进美国上市股票的代币化版本进行交易，而无需注册为全国证券交易所。此外，向这些市场提供流动性的部分企业也将获得免除交易商注册要求的单独救济。
However, this exemption has important limitations. The exemption takes effect immediately and is valid for up to five years and covers only actual tokenized shares that have the same rights as traditional shares, including dividend rights and voting rights. It excludes so-called "synthetic assets," products that only track stock prices. Although such products are popular in offshore cryptocurrency trading venues, they have also met with strong opposition from traditional Wall Street companies.
Although TSVs will operate on a permission-free blockchain, access to the transaction venue itself requires a permission-free. This means that users and liquidity providers must meet TSV's eligibility requirements to participate. The SEC will not approve each TSV individually. Conversely, companies that meet the requirements only need to notify the committee to operate under the exemption and are subject to relevant regulations.
Size control and issuer protection
The SEC's current initiative starts from a small start, with caps on the number of shares that can be offered per TSV and the proportion of daily trading volume of any single stock in the venue. Perhaps most importantly, the exemption allows unrelated third parties to tokenize shares of public companies, but the issuer has the final say on whether to allow them to be traded. TSV must notify the issuer and give it a 30-day objection period. If the company objects, the tokenized shares may not be traded at the venue.
Chris Hayes, executive director of the Tokenization Markets Alliance and partner at Thorn Run Partners, pointed out that the issuer protection measures are a positive step. He said the company's right to oppose unauthorized third-party tokenization, coupled with requiring investors to enjoy the same rights as traditional shareholders,"helps curb synthetic tokenization and gives investors a clearer understanding of what they buy."
Potential impact and future outlook
The potential impact may far exceed the current relatively small tokenized stock market. Hayes said: "Innovation exemptions could expose decentralized financial (DeFi) trading platforms and liquidity pools to more direct competition from traditional exchanges and alternative trading systems, while operating under a more flexible regulatory framework." This may encourage more traditional market participants to move activities to tokenized markets and help accelerate the adoption process."
SEC officials described the exemption as a temporary bridge towards permanent rulemaking and future Congressional legislation.
