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FollowingThe joint venture between the cryptocurrency exchange and the Intercontinental Exchange plans to tokenize 63 U.S. stocks
OKX and the Intercontinental Exchange (ICE) have jointly submitted an application with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized stock trading platform. The application seeks approval under the SEC's innovation exemption clause, a regulatory channel designed specifically for proposals for new market structures.
ICE owns the New York Stock Exchange (NYSE), one of the most qualified participants in the U.S. stock market. Its cooperation with OKX, the world's major cryptocurrency exchange, marks the growing interest in blockchain-based transaction infrastructure in the traditional financial sector.
The proposal reportedly covers 63 U.S. stocks. The shares will be expressed on the blockchain in the form of tokenized assets, allowing them to break through the standard trading window of traditional exchanges from 9:30 a.m. to 4 p.m.(Eastern Time). Instead, transactions can be carried out continuously 24/7 days a week.
Tokenization refers to the process of issuing blockchain representative forms of existing assets, such as stocks. The token is designed to track the value and ownership rights of the underlying securities. Proponents argue that this structure could speed settlements and expand restrictions on market access.
SEC的创新豁免流程允许企业提出不符合现有规则的新交易模式。批准并非理所当然，监管机构通常在授予此类豁免之前，会评估投资者保护、托管安排和市场完整性等因素。目前报道中未披露决策的时间表。
此次提交申请正值更广泛的代币化现实世界资产实验浪潮之中，包括股票、债券和货币市场基金。近年来，多家金融机构和加密平台都追求类似的项目，尽管大多数项目仅在有限的试点计划中进行，或在SEC的直接监督之外运作。涉及纽交所母公司的合资企业将是向全天候股票交易主流合法性迈出的重要一步。
关于该提议平台的托管、清算和结算机制的细节尚未完全披露。此外，关于代币化股票如何与现有的证券法要求（包括规范经纪交易商和过户代理人的规定）相互作用的问题仍然存在。
市场影响
如果获得批准，该合资企业可能通过引入对部分股票的周末包含在内的连续访问权限，重塑美国股票的交易方式。这将挑战定义美国交易所数十年的固定市场小时的传统模式。其他交易所和券商可能会通过加速自身的代币化或延长交易时间的举措来保持竞争力。
对于加密市场而言，此次申请凸显了数字资产基础设施与传统金融机构之间日益融合的趋势。成功的SEC豁免可能会鼓励其他交易所追求类似的混合交易模式，从而潜在地扩大区块链轨道在受监管证券中的应用范围，超越原生加密资产。
此次申请是测试代币化股票交易是否能在美国监管框架内运行的早期但重要的一步。其结果将取决于SEC如何在创新与现有投资者保护标准之间进行权衡。
常见问题解答
什么是SEC创新豁免？
这是一种监管途径，允许企业在提交审查和批准后，提出超出现有SEC规则的新市场结构或交易模型。
对股票进行代币化意味着什么？
这意味着创建一个基于区块链的数字代币，代表对现有股份的所有权，旨在追踪其价值和权利。
此申请涵盖多少只股票？
据报道，该提案针对63只美国股票，旨在实现潜在的代币化和全天候交易。
SEC已经批准此提案了吗？
没有。申请已提交审查，且未披露任何批准或决策时间表。
