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FollowingSEC发布五年有条件“创新豁免”，允许区块链场所上市交易代币化美股
美国证券交易委员会（SEC）发布了一项为期五年的有条件“创新豁免”令，允许区块链场所上市和交易代币化的美国股票，而无需注册为交易所。该监管机构的最新指令创建了一个新的类别，称为“代币化证券场所”（Tokenized Securities Venue，简称TSV），并修改了通常适用于该场所的两个定义。
根据1934年《证券交易法》，TSV不再被归类为“交易所”，为其流动性池提供流动性的提供者也不再被定义为第3(a)(5)条中的“经销商”。这两项豁免有效期均为五年。
通常情况下，场所通过许可的自动做市商和流动性池连接代币化的全国市场系统股票的买卖方。SEC无需逐一批准每个运营商；然而，任何认为自身符合要求的平台在提交通知后即可开展业务。
平台必须满足的豁免条件
SEC对运营商可以上市的代码数量以及处理的交易量设定了限制。此外，如果平台选择在不涉及该公司的情况下将公司股份代币化，则必须在操作前向发行人发送书面通知。30天的等待期随即生效，发行人有权拒绝批准；若遭到拒绝，该代币将被禁止在该平台上交易。
Smart contracts must be public, auditable, and exist on a ledger that does not require permission. At the same time, once trading in the underlying stock is suspended on its main exchange, trading in the relevant tokens must also stop. Chairman Atkins's statement also made clear that TSVs must be operated by Americans and comply with the sanctions program implemented by the Office of Foreign Assets Control (OFAC).
The order stands firm on the scope of exclusion. The exemption applies only to tokens backed by real shares and does not apply to synthetic derivatives that only track stock prices.
Why the SEC issued a tokenization exemption order at this time
The order was issued at a critical moment. Previously, the industry's landmark bill, the CLARITY Act, was stranded after failing to obtain the 60 votes needed by the Senate. As the legislative process was blocked, the SEC chose to use its own powers to respond.
The order is temporary, is valid for only five years, and will take effect from now on. At the same time, the SEC called on the public to provide opinions on how to adjust relief measures and next steps.
Previous preparations have laid the foundation. In May this year, Nasdaq, the New York Stock Exchange and the Depository Trust and Clearing Corporation (DTCC) began building blockchain settlement infrastructure. DTCC aims to achieve mass production transactions of tokenized assets after receiving a no-action letter in December 2025.
What remains to be seen
目前唯一的不确定性在于市场的接受度。SEC官员承认，他们不清楚美国上市公司对其股份代币化有多大兴趣。他们声称，新模式可能以多种方式使上市公司受益。
SEC加密特别工作组负责人委员海斯特的·皮尔斯（Hester Peirce）警告许多人不要过度兴奋，因为该豁免令的范围是“有限的”，并非快速致富的手段。
