17 settembre 2026, l’US SEC (Securities and Exchange Commission) ha samþādha kāraka koʻikoʻi: ua ʻae kūhelu ʻia ka kālepa ma ka chain no nā kuʻuna kuʻi ʻAmelika (US stocks). ʻO kēia hoʻoholo, ma ka ʻoiaʻiʻo, ʻo ka “Innovation Exemption,” ʻo ia ka ʻae kūhelu e hāʻawi i ka laikini kālepa no nā paepae tokenized i loaʻa nā kūlana. I kēia manawa, ua ʻike nui ʻia kekahi laina: ke hoʻololi nei ka manaʻo hoʻokūkū o ka ʻenehana kālā ma ka chain mai ka “hoʻouna ʻana i nā waiwai i ka chain” i ka “he aha ka mea e hiki ai ke hoʻohana ʻia ma hope o ka hoʻokomo ʻana i nā waiwai i ka chain.”
Hoʻolilo ʻo Robinhood i nā token o nā ʻāpana i mau ʻāpana kālā i hiki ke kāhea pololei ʻia e nā DEX, nā protocol hōʻaiʻē, a me nā ʻaelike ʻē aʻe; ʻo Circle hoʻi, hoʻomaka mai iā USDC, kūkulu i ka papa kālā a me ka papa hoʻopau (settlement). ʻO ka mea hoihoi aʻe, hoʻomaka nō hoʻi nā Meme coin e lawe i ke kuleana o ka komo ʻana no ke kaʻa (traffic) a me ka likuiditi, e kuhikuhi ana i nā kālā kuʻikahi (speculative funds) i mālama mua ʻia i loko o ka mākeke crypto i nā waiwai maoli e like me nā token o nā ʻāpana.
No laila, ʻo ka mea e nānā ʻia ma hope nei, ʻo wai ka mea hiki ke hana maikaʻi i ke kālepa ʻana ma waena o nā waiwai, ka hoʻokau ʻana i ka collateral, ka hoʻoholo ʻana i ke kumukūʻai (pricing), ka liquidation, a me ka mālama ʻana i nā pilikia (risk management). I ka wā e hiki mai ana, ʻo ka wahi i loaʻa ka waiwai maoli, he mea hiki paha ia aia i loko o kēia mau “papa hoʻopili” (connection layers).
Hoʻolilo ʻo Robinhood i nā token o nā ʻāpana i mau ʻāpana kālā i hiki ke kāhea pololei ʻia e nā DEX, nā protocol hōʻaiʻē, a me nā ʻaelike ʻē aʻe; ʻo Circle hoʻi, hoʻomaka mai iā USDC, kūkulu i ka papa kālā a me ka papa hoʻopau (settlement). ʻO ka mea hoihoi aʻe, hoʻomaka nō hoʻi nā Meme coin e lawe i ke kuleana o ka komo ʻana no ke kaʻa (traffic) a me ka likuiditi, e kuhikuhi ana i nā kālā kuʻikahi (speculative funds) i mālama mua ʻia i loko o ka mākeke crypto i nā waiwai maoli e like me nā token o nā ʻāpana.
No laila, ʻo ka mea e nānā ʻia ma hope nei, ʻo wai ka mea hiki ke hana maikaʻi i ke kālepa ʻana ma waena o nā waiwai, ka hoʻokau ʻana i ka collateral, ka hoʻoholo ʻana i ke kumukūʻai (pricing), ka liquidation, a me ka mālama ʻana i nā pilikia (risk management). I ka wā e hiki mai ana, ʻo ka wahi i loaʻa ka waiwai maoli, he mea hiki paha ia aia i loko o kēia mau “papa hoʻopili” (connection layers).
