SEC代币化股票豁免为Coinbase铺平道路

SEC为合格代币化美股开辟五年交易通道，高盛与Citizens分析师指出Coinbase、Robinhood和Circle或受益

美国证券交易委员会（SEC）已开启为期五年的路径，允许符合条件的代币化美股通过获许可的自动化做市商（AMM）进行交易。这一举措促使高盛（Goldman Sachs）和Citizens银行的分析师认为，如果链上股权交易在监管框架下扩大，Coinbase、Robinhood和Circle等公司有望从中获益。

豁免框架的核心内容与限制

SEC于9月17日宣布，其“创新豁免”（Innovation Exemption）向使用AMM流动性池进行二级交易的代币化国家市场系统（NMS）股票的代币化证券场所（TSV）授予临时有条件救济。该框架明确排除了合成股票产品，并要求合格代币必须赋予持有者与同等传统股份相同的权利。

根据该命令，合格的代币化股票必须向持有人提供与传统同类股份相同的公司利益、股息、投票权和清算权。一级发行不得使用该豁免，而在该框架下发行和出售的证券仍须满足《证券法》的注册要求或符合其他豁免条件。

For third-party tokenization service providers, the framework stipulates the issuer's notification obligation. TSV must notify the underlying listed company before listing tokenized shares issued by unaffiliated third parties and wait for at least 30 calendar days. If the issuer objects during this period, the venue may not begin trading the token.

The SEC has set limits on both the number and volume of stocks:

• Tier 1: Covers stocks in the S & P 500, Russell 1000, and certain exchange-traded products with high trading volume. The number of symbols on each TSV is limited to 75, and the trading volume must not exceed 0.25% of the average daily trading volume for each stock in the previous month.
• Class 2 (Tier 2): The maximum number of symbols is 250, and the maximum trading volume is 2.5% of the average daily trading volume of the previous month.

If the trading volume limit for a stock is repeatedly violated, the venue and its associated TSVs must stop trading in the tokenized stock for three months. The SEC said the caps are intended to limit possible price misalignments between AMM traded tokens and traditional market-traded shares.

Technical Compliance and Operational Requirements

The framework requires that smart contracts used in qualified venues must run on a public, permission-free distributed ledger, be auditable and open. However, access to the TSV itself must remain permitted. When the underlying stock is suspended on its main listed exchange, the venue must stop trading in tokens.

Previous reports pointed out that only synthetic products that provide price exposure are not eligible. Subsequent review highlighted that the SEC framework distinguishes tokens that carry actual shareholder rights from products that are structured into derivatives or debt claims.

Potential Beneficiary Analysis

Coinbase: The infrastructure is complete, but U.S. compliance issues need to be addressed

Goldman Sachs analysts view Coinbase as a potential beneficiary because the company already has tokenization, custody, stablecoins and blockchain infrastructure to support the on-chain equity market. Coinbase's international tokenized shares are endorsed one-on-one by real shares that are subject to supervision and in bankruptcy isolation custody. Coinbase said that holders have preferential beneficial ownership of the underlying equity, and dividends and stock splits are included through an on-chain multiplier mechanism. Level 1 creations and redemptions are limited to KYC-approved institutional partners and authorized participants. Currently, its products are issued under Regulation S and are not open to individuals in the United States.

Voting rights are still a feature under development. Coinbase President Emilie Choi said at the Goldman Sachs Communacopia conference that the product already includes dividend rights and voting options are being added. She described enforcing these rights as a technical task rather than a change in the basic security architecture.

Coinbase的Base平台股票代币最初从苹果、英伟达、Meta和Alphabet等产品开始，随后扩展产品线。这些代币采用Coinbase的B20标准，并可进入Base上支持的DeFi应用。数据显示，截至9月12日的30天内，Base上代币化股票市场的DEX交易量达到7.309亿美元，其中Aerodrome占5.571亿美元。此外，Morpho为五款Coinbase发行的股票代币开启了借贷市场，用户以股票代币作为抵押品借出了USDC。

高盛分析指出，如果Coinbase希望直接运营美国的TSV，将面临挑战。Coinbase的传统交易所使用中央限价订单簿，而新的SEC救济特别涵盖AMM流动性池。高盛建议Coinbase可以开发AMM基础设施或通过Base上运营的合格去中心化场所路由活动。

Robinhood：现有结构不符，需进一步产品开发

Robinhood虽然拥有成熟的海外股票代币业务，但其现有的法律结构与豁免所涵盖的证券存在差异。Robinhood第二季度的SEC文件显示，其“Stock Tokens”是由Robinhood Assets (Jersey) Limited发行的代币化债务证券。它们提供对参考证券的经济暴露，但不授予持有人对被支撑股份的公司的法律或有益权利。

这种区别与创新豁免的要求相冲突，即代币持有人应获得与传统股东相同的利益、股息、投票权和清算权。因此，高盛分析师表示，Robinhood需要在特定框架下推出美国产品之前，进行进一步的产品开发。

Robinhood首席执行官Vlad Tenev此前表示，公司计划引入股份赎回和投票功能，其较新的链上股票产品可以脱离Robinhood应用程序，与DeFi智能合约互动。此前，Robinhood因未经批准推出与AMC娱乐相关的代币而与AMC发生公开争议，Tenev曾辩称发行人的批准应取决于代币产生的法律权利，而不仅仅是是否涉及区块链技术。SEC的最终豁免为无关联第三方的代币化采取了不同的程序方法，赋予基础发行人30天的窗口期以防止其股份在TSV上交易。

Robinhood Chain为公司提供了现有的链上基础设施以构建生态系统。该链主网于7月启动，并向智能合约使用开放了股票代币，包括DeFi池和第三方应用。

Circle：结算与抵押品需求带来机遇

Circle与SEC命令的联系是间接的，因为该公司无需发行代币化股票即可参与分析师所描述的市场。SEC命令允许代币化NMS股票与另一只代币化股票、代币化货币市场基金或非证券类加密资产（包括合格的支付稳定币）配对交易。这为稳定币充当合格AMM池的另一方提供了监管途径。

Analysts at Goldman Sachs and Citizens pointed out that if tokenized equity activity grows, USDC could become a potential clearing and collateral asset. Circle has positioned USDC as a settlement infrastructure for tokenized assets. For example, on the Cronos network, Circle represents USDC as a dollar clearing layer for applications that support tokenized stocks, cryptocurrencies, and forecast markets.

Circle's institutional work extends to tokenization infrastructure through Arc. Its second-quarter update shows that BlackRock, Bank of New York Mellon (BNY), DTCC and Standard Chartered are developing or reviewing integrations involving tokenized asset settlement, custody, stablecoin access, foreign exchange and repo markets. DTCC plans to enable tokenization of DTC custody assets on Arc.

Existing Base activities provide early examples of stock tokens interacting with USDC. Morpho's Coinbase tokenized stock market uses USDC for lending, although its current size is still small compared to traditional U.S. securities markets.

Preliminary impact on traditional markets

Goldman Sachs does not expect the first phase of the exemption to attract significant trading volume from Nasdaq or the Intercontinental Exchange (owner of the New York Stock Exchange). Banks cited the SEC's trading volume caps, symbol limits, issuer objections and AMM market structure as limiting factors for the experiment. The SEC itself acknowledges that since pool prices typically depend on the ratio of assets deposited in the liquidity pool, AMM pricing may diverge from traditional stock markets. Its trading volume limits are partly aimed at curbing potential price misalignments, while regulators collect operational data.

传统市场基础设施正在追求独立的代币化路径。DTCC于5月表示，DTC的代币化服务将在7月开始有限的生产交易，并计划于2026年10月正式推出，此前已与50多家金融公司合作。参与者包括Circle、Coinbase、高盛、贝莱德、美国银行以及几家主要的交易和托管公司。

TSV路线在合格场所开始运营前也有自己的等待期。SEC要求 prospective TSV在开始运营前至少30个日历日发布详细的公开通知，并在发布后一个工作日内通知委员会。公众反馈渠道依然开放，SEC评论页面上目前没有针对第4-927号文件评论的截止日期。主席Paul Atkins将该豁免描述为临时桥梁，预计将为后续的规则制定提供信息。

常见问题解答（FAQs）

问：SEC豁免允许合成股票代币吗？
答：不允许。该命令排除了代表第三方自身证券并提供对其他股票合成暴露的加密资产，包括代币化链接证券和代币化基于证券的互换。

问：Coinbase能立即向其美国投资者提供现有的股票代币吗？
答：不能。Coinbase的当前产品离岸运作，依据S条例结构，对美国个人不可用。美国 offerings 需要遵守适用于该证券和交易场所的条件。

问：为什么Robinhood需要改变其目前的股票代币？
答：其现有的Stock Token通过债务证券提供经济暴露，而不授予对参考公司的法律或有益权利。SEC豁免要求合格的代币化NMS股票具有等效的股东权利。

问：SEC框架是否特别要求使用USDC？
答：不要求。该命令允许合格的代币化股票与非证券类加密资产（包括允许的支付稳定币）配对。它并不要求特定的稳定币。分析师将USDC确定为可能的受益者之一。