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BTC SEC五年豁免期内，代币化股票交易或于下季度启动
根据美国证券交易委员会（SEC）颁布的五年期创新豁免令，相关机构可能在未来几个月内发布关于代币化股票交易场所的公告。SEC加密工作组首席法律顾问泰勒·林德曼（Taylor Lindman）表示，符合条件的平台将利用公共区块链上的流动性池，促进许可制下的代币化美国股票交易。
企业正依据豁免令准备公告
林德曼在接受《Crypto In America》采访时指出，对这项豁免令感兴趣的企业已经开始与监管机构接触。他预计，首批所需的公告将在未来几个月内公布。SEC上周发布了为期五年的有条件豁免令，允许符合条件的平台协助进行代币化美国上市股票的许可制交易。
这些交易平台可以利用公共、无需许可的区块链上的自动做市商和流动性池。然而，运营商必须发布公告，并在一个工作日内通知SEC。林德曼将该模式描述为“链上金融”而非纯粹的DeFi（去中心化金融）。每个交易场所都必须指定一名负责运营的个人或实体。
交易限制与发行方否决权
Some cryptocurrency industry participants have questioned limits on the number of shares and transaction amounts, arguing that these restrictions may make business operations difficult. However, Commissioner Hester Peirce said the current cap was still high enough to allow companies to conduct substantive experiments. She added that if the restrictions become obstacles, the SEC could revisit and adjust them.
In addition, the exemption order gives listed companies a 30-day objection period before unrelated tokenized shares enter the trading venue. Once an objection is raised, these shares will not be able to be traded at the venue. Peres said issuers she spoke with have shown strong interest in the tokenization market, and she also expects broad participation from companies considering adopting the model.
The SEC looks to the market path for connectivity
Peres said the five-year exemption is a bridge to long-term rules. If a trading venue gains some momentum, additional requirements may be imposed after certain trading thresholds are reached. She compared this possible framework with existing alternative trading system rules.
At the same time, she said decentralized stock trading could raise broader regulatory issues. At a recent SEC roundtable on 24/7 trading, Wall Street representatives discussed blockchain-based markets. Peres pointed out that tokenized trading venues may eventually be connected to traditional markets.
