📰 The US SEC has truly opened a crack for on-chain US stock trading this time: qualifying tokenized securities trading venues can, during a temporary 5-year exemption period, trade certain NMS stocks through a permissioned AMM and liquidity pool. Put simply, it lets the market run first, then uses real data to set long-term rules.
🔥 But this isn’t a full opening. The trading venue must be a US entity, comply with OFAC requirements, and there are also caps on the number of shares and trading volume. Tokenized stocks must also map to real security ownership—dividends and voting rights can’t be missing; synthetic tokens that merely track the stock price don’t qualify.
If a third party wants to tokenize a company’s stock, they must provide advance written notice to the issuer and allow the issuer to object. Once a traditional exchange suspends a particular stock, the corresponding on-chain version must be suspended as well. In practice, the boundaries are clearly drawn: you can change the trading method, but you can’t bypass the original rights and responsibilities.
💡 This exemption isn’t a blanket “pass” for all DeFi projects; it mainly targets on-chain securities intermediaries: who is allowed to participate, who organizes the trading, and who provides liquidity must all be accountable. The smart contracts must be public, auditable, and deployed on a permissionless distributed ledger; transaction activity and related-party behavior must also be disclosed.
👀 On the same day, the SEC also discussed 24-hour trading of US stocks, and tokenization is seen as a tool for managing inventory in real time and reducing settlement failures. However, liquidity, network security, market surveillance, and operating costs still haven’t been fully addressed. Honestly, this feels more like a controlled real-world test with boundaries than a sudden free passage for on-chain US stocks.
🤔 If a tokenized stock has real dividends and voting rights, but can only enter permissioned pool trading, would you be willing to use it to replace stocks held by traditional brokers?
#SEC #代币化股票 #链上证券 #AMM
🔥 But this isn’t a full opening. The trading venue must be a US entity, comply with OFAC requirements, and there are also caps on the number of shares and trading volume. Tokenized stocks must also map to real security ownership—dividends and voting rights can’t be missing; synthetic tokens that merely track the stock price don’t qualify.
If a third party wants to tokenize a company’s stock, they must provide advance written notice to the issuer and allow the issuer to object. Once a traditional exchange suspends a particular stock, the corresponding on-chain version must be suspended as well. In practice, the boundaries are clearly drawn: you can change the trading method, but you can’t bypass the original rights and responsibilities.
💡 This exemption isn’t a blanket “pass” for all DeFi projects; it mainly targets on-chain securities intermediaries: who is allowed to participate, who organizes the trading, and who provides liquidity must all be accountable. The smart contracts must be public, auditable, and deployed on a permissionless distributed ledger; transaction activity and related-party behavior must also be disclosed.
👀 On the same day, the SEC also discussed 24-hour trading of US stocks, and tokenization is seen as a tool for managing inventory in real time and reducing settlement failures. However, liquidity, network security, market surveillance, and operating costs still haven’t been fully addressed. Honestly, this feels more like a controlled real-world test with boundaries than a sudden free passage for on-chain US stocks.
🤔 If a tokenized stock has real dividends and voting rights, but can only enter permissioned pool trading, would you be willing to use it to replace stocks held by traditional brokers?
#SEC #代币化股票 #链上证券 #AMM
