I-SEC isanda kwakha ukuhlolwa kweminyaka emihlanu yamamethrikhi amasheya aku-inthanethi (on-chain equity markets).
Ngomhlaka 17 Septhemba, i-SEC yanikeza ukukhululwa kwesikhashana, okunesimo, okuvumela izindawo ezihlangabezana nezimfuneko ze-Tokenized Securities Venues ukuthi zihwebe amasheya athile e-NMS enziwe ngamathokheni ngezimali ze-AMM ezinemvume (permissioned). Uhlaka luphinde lunikeze ukukhululwa okunesimo kubahlinzeki boketshezi (liquidity providers) abathile.
Okungithakazelisayo isakhiwo salokhu kuhlolwa.
Lokhu akusona isivumo esiphelele sokuthi amasheya angene ku-DeFi evulekile. Izindawo ezihlangabezana nezimfuneko zibhekene nemikhawulo yamagama (symbol) nevolumu. Amasheya enziwe ngamathokheni (tokenized shares) kufanele anike abanikazi bawo amalungelo nemithwalo efanayo namasheya endabuko alingana nawo, kanti abakhiphi bangaphikisa uma umuntu wesithathu ongahlobene enza amathokheni ezokuphepha zabo. Ama-smart contract nawo kufanele abe sobala, angahlolwa (auditable), futhi asetshenziswe kuma-ledger omphakathi, angenamvume (permissionless).
Lokho kudala ukungqubuzana okuthakazelisayo.
Amathrekhi okuxazulula (settlement) nobunikazi angahamba ku-chain, kodwa isakhiwo semakethe sihlala sigcwele imvume (heavily permissioned). Ngakho i-SEC empeleni iyahlola ukuthi ingabe ingqalasizinda ye-blockchain ingathuthukisa izingxenye zokuhweba ngamasheya ngaphandle kokususa ukulawulwa kwemithetho (regulatory controls) ezungeze izokuphepha eziyisisekelo.
Futhi ukuphela kweminyaka emihlanu kubalulekile. Lokhu kuyisivivinyo semakethe esiphilayo (live market experiment), hhayi ukuguqulwa okuqhubekayo kwesakhiwo semakethe.
Umbuzo onzima kakhulu ukuthi lokho kuzokwamukelwa (adoption) yini. Ngabe abakhiphi bazobamba iqhaza? Ngabe uketshezi luzokhula naphezu kwemikhawulo? Futhi ngabe lezi zindawo zingakwazi ukukhombisa ukuthi ingqalasizinda engon-chain inikeza inani lokusebenza elanele ukuze kususelwe isakhiwo semakethe esisha?
Umthelela wesikhathi eside uzoncika ekutheni ngabe ukuhambisana kwezinzuzo (incentive alignment) kuyagcinwa yini lapho kukhula isikali.
Ngomhlaka 17 Septhemba, i-SEC yanikeza ukukhululwa kwesikhashana, okunesimo, okuvumela izindawo ezihlangabezana nezimfuneko ze-Tokenized Securities Venues ukuthi zihwebe amasheya athile e-NMS enziwe ngamathokheni ngezimali ze-AMM ezinemvume (permissioned). Uhlaka luphinde lunikeze ukukhululwa okunesimo kubahlinzeki boketshezi (liquidity providers) abathile.
Okungithakazelisayo isakhiwo salokhu kuhlolwa.
Lokhu akusona isivumo esiphelele sokuthi amasheya angene ku-DeFi evulekile. Izindawo ezihlangabezana nezimfuneko zibhekene nemikhawulo yamagama (symbol) nevolumu. Amasheya enziwe ngamathokheni (tokenized shares) kufanele anike abanikazi bawo amalungelo nemithwalo efanayo namasheya endabuko alingana nawo, kanti abakhiphi bangaphikisa uma umuntu wesithathu ongahlobene enza amathokheni ezokuphepha zabo. Ama-smart contract nawo kufanele abe sobala, angahlolwa (auditable), futhi asetshenziswe kuma-ledger omphakathi, angenamvume (permissionless).
Lokho kudala ukungqubuzana okuthakazelisayo.
Amathrekhi okuxazulula (settlement) nobunikazi angahamba ku-chain, kodwa isakhiwo semakethe sihlala sigcwele imvume (heavily permissioned). Ngakho i-SEC empeleni iyahlola ukuthi ingabe ingqalasizinda ye-blockchain ingathuthukisa izingxenye zokuhweba ngamasheya ngaphandle kokususa ukulawulwa kwemithetho (regulatory controls) ezungeze izokuphepha eziyisisekelo.
Futhi ukuphela kweminyaka emihlanu kubalulekile. Lokhu kuyisivivinyo semakethe esiphilayo (live market experiment), hhayi ukuguqulwa okuqhubekayo kwesakhiwo semakethe.
Umbuzo onzima kakhulu ukuthi lokho kuzokwamukelwa (adoption) yini. Ngabe abakhiphi bazobamba iqhaza? Ngabe uketshezi luzokhula naphezu kwemikhawulo? Futhi ngabe lezi zindawo zingakwazi ukukhombisa ukuthi ingqalasizinda engon-chain inikeza inani lokusebenza elanele ukuze kususelwe isakhiwo semakethe esisha?
Umthelela wesikhathi eside uzoncika ekutheni ngabe ukuhambisana kwezinzuzo (incentive alignment) kuyagcinwa yini lapho kukhula isikali.