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Following监管层：代币化资产与全天候交易或重塑美国金融格局
监管机构指出，代币化资产和全天候交易有望在未来十年内重塑美国金融体系。据多家媒体报道，商品期货交易委员会（CFTC）主席塞尔格呼吁美国金融市场为“大规模代币化”的未来做好准备。他将这一转变视为一场结构性的变革，预计将在未来十年内逐步展开。
核心观点：两大趋势并行
塞尔格的言论主要围绕两个密切相关的话题展开：
首先，越来越多的传统金融资产将以代币形式在区块链网络上进行代表。
其次，这些市场的交易模式可能从当前股票和期货交易所固定的交易时间，转向连续、24/7不间断的运行模式。
代币化的定义与优势
所谓代币化，是指在区块链上发行股票、债券或基金份额等资产的数字表现形式。支持者认为，这可以加快结算速度，降低行政成本，并扩大对历史上难以进入的市场准入权限。随着银行、资产管理公司和交易所纷纷尝试代币化产品，监管机构对该趋势保持着密切关注。
基础设施的挑战与适应
塞尔格的立场尤为引人关注，因为CFTC负责监督衍生品和商品市场，而这些领域的交易基础设施传统上依赖于与人类工作时间挂钩的固定时间表。向全天候交易转型将需要对清算、托管和风险管理系统进行改造，因为这些系统原本是围绕特定的市场收盘时间构建的。
此外，这一言论还触及更广泛的市场结构问题。连续交易和代币化结算引发了关于现有报告、保证金和托管规则如何适用的疑问。监管机构通常谨慎地处理这些问题，在创新与投资者保护之间寻求平衡，后者数十年来一直塑造着美国的金融监管框架。
从实验到主流规划
塞尔格的评论出台之际，代币化已从边缘实验转变为市场基础设施提供商积极规划的主题。近年来，交易所和清算所已探索过针对代币化抵押品和结算的试点项目。一位监管机构公开将此描述为不可避免的、以十年为尺度的转变，为这些努力增添了分量，并可能鼓励更多的机构规划。
CFTC对衍生品市场拥有管辖权，但代币化工作往往涉及多个监管机构，包括证券交易委员会（SEC）。鉴于涉及的资产类别和交易场所的重叠性质，任何向大规模代币化或连续交易迈进的举措，都可能需要跨机构的协调。
市场预期与影响
There are currently no reports that the CFTC has issued formal rules or specific timetables, except for the decade-long overall vision described by Selger. The remarks appeared to be a forward-looking assessment rather than an announcement of immediate policy changes.
Market Impact
Although Selger's remarks do not have direct regulatory effect, comments by the current CFTC chairman often have a profound impact on how market participants plan future compliance requirements. Companies that are building tokenized infrastructure, including exchanges, custodians and clearing companies, may view this announcement as an incentive to continue developing blockchain-based settlement systems.
For traditional market operators, the prospect of 24/7 trading raises operational issues about staffing, risk control and technical resilience. Any eventual development in this direction may be gradual, phased in through pilot projects and rule proposals, rather than a single sudden change.
Selger's comments highlight a broader trend: U.S. regulators recognize that tokenization is a long-term structural shift rather than a short-term trend. As tokenized assets and continuous trading move closer to mainstream adoption, market participants may be watching closely for further guidance from the CFTC.
FAQs
Question: What did CFTC Chairman Selger say about tokenization?
A: According to multiple media reports, Selger said that the U.S. market should prepare for large-scale tokenization of assets in the next ten years and shift to a 24/7 trading model.
问：什么是资产代币化？
答：代币化涉及在区块链上发行股票或债券等资产的数字表现形式，以实现更快的结算和更广泛的访问权限。
问：这意味着CFTC已经发布了新规则吗？
答：没有报道显示有具体规则或正式的时间表。塞尔格的言论似乎是一番前瞻性表态，而非新监管政策的宣布。
问：为什么24/7交易对市场基础设施很重要？
答：连续交易需要改变目前围绕固定市场小时构建的清算、托管和风险系统，这将影响交易所和清算所。
