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BTC 
ETH SEC推出新框架：代币化股票或将颠覆股市
美国证券交易委员会（SEC）通过最新发布的框架，为代币化股票的普及铺平了道路。这一举措不仅有望在加密货币市场引入一种全新的交易产品，还将为券商、托管服务、区块链基础设施以及稳定币结算等领域开辟新的收入来源。
新框架涵盖哪些内容？
根据为期五年的“创新豁免”条款，符合特定标准的平台将能够通过持牌的自动化做市商，在公共区块链网络上促进代币化的美国交易所上市股票的流通。这些证券必须赋予持有者与传统股票相同的权利，且发行方需提前获知情况并拥有提出异议的机会。
SEC的框架确保符合条件的代币化美国股票能为投资者提供与基础股票相等的所有权权益。这种监管方式不同于当前仅提供代币化产品价格波动访问权的模式，它为保护投资者权益和确保发行方参与交易过程奠定了更清晰的基础。
Coinbase、Robinhood和Circle谁能脱颖而出？
据Wu Blockchain报道，高盛和Citizens指出，尽管受益方式各异，但Coinbase、Robinhood和Circle可能会从新框架中显著获益。对于Coinbase而言，机遇远超交易手续费。随着代币化股票市场的增长，对托管服务、发行技术、区块链基础设施以及稳定币结算的需求预计将上升。此外，Coinbase管理Base以太坊二层网络也被视为链式安全基础设施方面的额外优势。
Coinbase的潜在收益涵盖了托管、发行技术、基础设施和稳定币结算等多个领域，而不仅仅局限于交易收入。
在投资者行为受到特别关注时期，尤其是在技术突破和新产品涌入阶段，交易者的行动变得至关重要。例如，某热门代币市场的交易操作将初始99美元的投资转化为约37万美元的收益，便凸显了这一动态。像Fomo App这样的平台提供了集社交流、投资者排名和交易通知于一体的工具，帮助用户追踪代币发现和交易动态。
Robinhood面临的合规挑战
Although Robinhood already offers stock tokens overseas, the importance of the SEC's new framework highlights the need for change. According to Coinpaper, Robinhood's existing token products in overseas markets only provide investors with economic access, rather than legal ownership. New SEC rules require that eligible U.S. tokenized stocks must provide shareholder rights equivalent to traditional stocks. As a result, Robinhood may need to adjust its current international model before entering the U.S. market.
Will opposition from issuers play a decisive role?
Issuer opposition is expected to be a key threshold for market evolution. AMC has previously questioned Robinhood's tokenization approach to stocks, especially after the underlying token price diverged significantly from the underlying stock at one point. With increased regulatory transparency, the expansion of tokenized stock markets may be supported. However, factors such as investor equity, issuer approval, and infrastructure compliance are expected to shape the development path of this pattern in the United States.
