The SEC officially issued new regulations for tokenized stock trading. The market originally expected that opening up compliance pathways would generate a large demand for related products, but top-tier investment banks have reached the opposite conclusion. The core of the new rules is to loosen restrictions on the secondary trading of compliant tokenized stocks and to clearly define custody and settlement requirements. Although they appear to remove the main obstacles to product launch, the banks believe that the settlement efficiency and trading costs of traditional stocks can already meet the day-to-day needs of most institutional clients, and the efficiency gains brought by tokenization are unlikely to translate into sufficient willingness to pay. Combined with the fact that retail investors’ awareness of tokenized stocks remains low, customer acquisition costs for compliant products are extremely high. Even after the rules take effect, it is unlikely that demand will surge on a large scale in the short term. #加密监管 #代币化资产 #Institutional Developments