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FollowingCore Points
·The U.S. Securities and Exchange Commission (SEC) has launched a groundbreaking five-year "innovation exemption" framework that allows regulated platforms to facilitate the trading of tokenized U.S. stocks on public blockchains without the need for a comprehensive national exchange registration.
·These platforms, designated as "Tokenized Securities Venues"(TSVs), can use smart contracts and liquidity pools instead of the orderbook systems used by traditional exchanges.
·The company reserves the right of veto, and third parties must notify the issuing company 30 days in advance before tokenizing the securities.
·Trading volume is limited, and the average daily trading volume of the most liquid securities on each platform is capped at 0.25%.
·This framework allows the SEC to explore continuous 24/7 trading markets and identify tokenization as a key enabling technology.
Impact on retail and institutional investors
Market participants will retain true share ownership and enjoy the same voting rights and dividend rights as holders of traditional securities. Each token must represent the same legal rights inherent in the corresponding stock. Trading restrictions imposed by primary markets (such as circuit breakers) must be reflected on tokenization platforms.
Synthetic instruments designed to mirror only stock price movements are not covered by the exemption. This distinction is significant, especially considering that some international products launched as tokenized stocks are actually derivative contracts that lack a true ownership element.
In addition, the regulatory framework prohibits leveraged trading and lending activities on TSV platforms.
交易量限制确保了受控的实施。对于高流动性证券，单个场所的日均交易量上限为0.25%，涵盖最多75只证券。第二类别允许最多250只证券，日均交易量阈值为2.5%。
对发行公司的影响
外部方可以在没有公司直接参与的情况下发起公司股票链上代币化。然而，发行公司将收到提前30天的通知，并保留异议权。公司可以通过简单的通知拒绝特定场所的代币化，表示反对其证券在该特定平台上被代币化。
此条款源于9月的一起公开争议，当时AMC娱乐的首席执行官公开反对Robinhood在未获公司授权的情况下推出与AMC相关的股票代币。
根据SEC的规定，底层区块链基础设施必须保持公共可访问性和可审计性标准，尽管交易场所本身仍是许可制的。零售交易者、机构投资者和经纪自营商在满足各场所资格标准的前提下可以参与。
指定的流动性提供商将从经销商注册义务的有条件豁免中受益，从而促进其向流动性池机制提供资产。
Securitize首席执行官Carlos Domingo表示，预计这一监管结构将加速原生代币化证券的发展，并建立多个链上流动性市场。
与豁免公告同时进行的讨论
在宣布豁免的同时，SEC召开了一次圆桌会议，讨论将美国市场时间扩展至连续24/7交易运营的可能性。Atkins指出，代币化是一项可能通过增强实时库存监控和减少结算失败来促进这一过渡的关键技术。
该监管框架明确作为一个实践实验运作。SEC打算利用五年测试期间收集的经验来指导随后的规则制定工作，并可能为未来的立法提案提供信息。
