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Following美国SEC推出“创新豁免”，为区块链协议上的代币化股票二级交易铺路
美国证券交易委员会（SEC）近日推出了一项名为“创新豁免”（Innovation Exemption）的政策，旨在促进基于区块链协议的代币化股票二级市场交易。根据9月17日发布的这项命令，代币化证券场所（TSVs）可获得临时性、有条件豁免，不再被归类为《证券交易法》下的交易所。这些场所将能够通过许可制的自动做市商（AMM）和流动性池，促成代币化全国市场系统（NMS）股票的流通。
严格的 safeguards 与合规要求
值得注意的是，该豁免附带了多项保障措施。首先，代币化股份必须赋予持有者与相应传统股票完全相同的权利；其次，交易规模和可交易的证券数量将受到严格限制。此外，TSV使用的智能合约必须具备公开可审计性，并部署在公共、无需许可的区块链网络上。一旦底层股票在其主要交易所被暂停交易，相关代币化股票的 Trading 也必须立即中止。
流动性提供商获得注册豁免
同时，SEC还向某些为这些流动性池提供代币化股票的流动性提供商授予了有条件豁免，免除其作为交易商的注册要求。
监管层表态：开放公众意见征集
Commenting on the matter, SEC Chairman Paul Atkins said: "Although the Innovation Waiver is temporary, it allows TSVs to trade tokenized NMS shares in a controlled environment at this stage, while the committee is evaluating whether further action is needed to promote on-chain trading. As this important step, we invite the public to express their views on all aspects of the 'innovation exemption' so that the committee can fully take into account the views of all parties when considering further adjustments."
