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BTC 
ETH SEC批准临时“创新豁免”，允许代币化美国股票在受监管的链上场所交易
该豁免有效期最长可达五年。与此同时，商品期货交易委员会（CFTC）也同日放宽了规则，允许软件提供商将用户连接至受监管的衍生品市场。
美国证券交易委员会（SEC）批准了一项临时豁免，允许代币化的美国股票在受监管的链上场所进行交易。这一举措为平台提供了为期五年的窗口期，使其能够在无需经过通常适用的完整证券注册程序的情况下，提供基于区块链的传统股票版本。此举发生在《CLARITY法案》——一项更广泛的加密货币市场结构法案——未能通过参议院 cloture 投票仅数日之后，显然旨在立法进程陷入停滞之际，为市场带来实质性的监管进展。
保持全球金融基础设施竞争力
SEC将此豁免描述为保持美国在金融基础设施领域竞争力的努力的一部分。该机构主张，无论国会是否通过综合性立法，其意图都是确保美国继续成为构建下一代市场基础设施的首选目的地。这项豁免明确是临时性和有条件的，要求平台满足特定的披露和托管标准，而非永久性规则变更。这意味着如果在五年的窗口期内出现问题，该豁免可以被缩小范围或失效。
CFTC同步行动，强化现有法定权限
The CFTC took parallel action the same day, expanding its inaction relief measures against software providers. This includes firms that build consumer-facing cryptocurrency applications and connect users to regulated derivatives markets but do not register themselves as brokers. Officials at both agencies said the coordinated schedule was a signal that they intended to use existing legal authority to continue advancing rulemaking for cryptocurrencies, rather than waiting for Congress to pass legislation such as the CLARITY Act to grant new authority.
Realistic paths and compliance challenges for tokenized stock trading
In the past year, tokenized stock trading has become the focus of attention for exchanges and asset management companies. Multiple platforms have built infrastructure to represent listed company shares as blockchain-based tokens, allowing round-the-clock transactions rather than limited to traditional market hours. For the first time, the SEC's exemption provides a clearer legal path for these existing infrastructures to operate at scale, although platforms still need to meet specific conditions for the exemption before launching tokenized equity products to U.S. users.
Hosting is still one of the technically difficult conditions that platforms need to meet. Since tokenized shares still need to be supported by real shares held by qualified custodians on a one-to-one basis, to avoid mismatch problems in early tokenized asset products. Platforms seeking to operate under exemptions may need to demonstrate a clear audit trajectory that connects each tokenized share to its underlying real-world counterparts. This requirement is similar to the custody standards that have been applied to spot Bitcoin and Ethereum ETFs.
