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BTC 美国证券交易委员会发布五年创新豁免，允许合规平台进行代币化美股交易
9月17日，美国证券交易委员会（SEC）发布了一项为期五年的创新豁免令。该指令允许符合条件的交易平台通过获准的自动化做市商和流动性池交易代币化的美国上市股票，而无需注册为国家证券交易所。这一框架涵盖了代币化的国家市场系统（NMS）股票，并授予使用自有资本的合格流动性提供商临时豁免 dealers 注册的要求。
SEC主席保罗·阿特金斯表示，这项命令是将美国资本市场带入“数字时代”的一步。此前，参议院以49比50的程序性投票结果否决了《CLARITY法案》。
代币化股份必须赋予完整的股东权利
随着华盛顿在多个方面推进数字资产政策，SEC的这一行动显得尤为及时。就在前一天，众议院金融服务委员会以28比21的投票结果推进了《战略比特币储备法案》，该立法拟将符合资格的联邦持有比特币置于财政部保管之下，并要求持有期至少为20年。
Under regulations, eligible tokens must represent the actual NMS shares and provide the holder with the same rights and privileges as the corresponding traditional shares, including dividends, voting rights, and residual claims in liquidation. Synthetic products that only track stock prices without giving these rights will be excluded. The limit is consistent with the more narrow approach outlined by the SEC earlier this year, when Commissioner Hurst Piercher drew a clear line between tokenized shares and synthetic exposure. This exemption cannot be used for primary issues and only applies to secondary market transactions.
The company also retains control over non-associated third party tokenization. Trading platforms must notify issuers at least 30 days before opening up third-party tokenized versions of their shares for trading, during which time issuers can block the listing from being launched by submitting objections.
Transactions have a trading volume limit and must meet public blockchain requirements.
The SEC has set a limit of 75 code symbols on Class 1 (Tier 1) tokenized stocks, and the trading volume must not exceed 0.25% of the average daily trading volume of the underlying stock in the previous month. The second type (Tier 2) platform can support a maximum of 250 code symbols, and the trading volume limit is 2.5% of the average daily trading volume. If the trading volume threshold is repeatedly exceeded, relevant tokenized stocks will face a three-month trading suspension.
智能合约必须具备可审计性、公开可用，并部署在公共无许可分布式账本上，同时参与者访问权限仍需经过授权。只要基础股票在主要交易所停牌，交易也必须立即停止。SEC指出，该结构可能支持自我托管、碎片化所有权、全天候交易以及近乎即时的结算等功能。
此项豁免是在数月致力于链上股票自动化做市商（AMM）及并行机构代币化项目（包括涉及摩根大通、贝莱德和高盛的DTCC试验）之后推出的。
Tenev和Saylor支持SEC的举措
Robinhood首席执行官弗拉德·特涅夫表示：“代币化正在来到美国。”他指出，新框架的好处包括24/7市场、即时结算和碎片化所有权。尽管Robinhood在美国境外运营代币化股票产品，但这些产品采用的结构与SEC豁免要求的“完整股东权利模式”不同。
Strategy执行主席迈克尔·塞勒称这一决定是数字信贷和美国资本市场的“重大突破”，并表示该框架可能允许符合条件的平台向美国投资者提供代币化MSTR和STRC的24/7链上交易。
塞勒的回应紧随他在两天前对失败的《CLARITY法案》投票的反应之后，当时他写道：“你唯一需要的清晰就是比特币。”
