川普政府正在拟定一项证券交易委员会（SEC）计划，可能允许交易股票的代币化版本，此举将进一步放宽加密市场规则，并测试股票交易能否迁移到类区块链基础设施上。SEC预计最快本周就会发布针对代币化股票的创新豁免，该提案将建立一个新框架，让投资者透过追踪股价的数位代币，押注上市公司。该机构倾向于允许所谓的第三方代币，这意味著即使没有发行方的支持或同意，代币也可以在去中心化加密平台上被创建和交易，不过这些工具可能不具备投票权或股息等正常股票权利。
这项提案将标志著一次重大的监管实验，因为它会让同一批上市股票的平行市场在传统公平定价、透明度和投资者保护框架之外发展。SEC区分发行方支持的代币与第三方代币，而官员在咨询数百名市场参与者后，仍在完善这项豁免。过去一年，代币化已成为加密领域的一大趋势，涵盖股票、债券、房地产和私人信贷的数位表征；支持者则认为，近乎即时的结算和24/7交易可以提升市场效率。更广泛的政策背景包括参议院银行委员会推进Clarity Act，该法案将使商品期货交易委员会成为加密货币大部分领域的主要监管者，而SEC则保留对数位证券的权限。
市场已经在准备：Bullish以42亿美元收购了过户代理Equiniti，NYSE正在打造一个用于代币化股票和交易所交易基金的区块链场地，而Nasdaq表示正在设计能让上市公司对其股份拥有更多控制权的代币。这项豁免可能适用于去中心化金融平台，这是加密货币中一个1300亿美元的板块，但DeFi今年也遭受了骇客攻击，损失了数亿美元，凸显安全风险。批评者警告，若允许同一家公司的多种代币包装，例如Apple或Amazon，可能会使市场碎片化、削弱价格透明度，并降低对价值的确定性；包括Citadel Securities和SIFMA在内的行业团体也警告，know-your-customer、反洗钱以及其他保障措施可能被削弱。SEC官员之间仍然存在分歧，Hester Peirce曾质疑是否应要求发行方同意，即使支持者也表示，任何豁免都可能只是渐进式调整，而不会在一夜之间改写金融体系。
The Trump administration is preparing a Securities and Exchange Commission plan that could allow trading in tokenized versions of stocks, a move that would further loosen rules for crypto markets and test whether equity trading can migrate onto blockchain-style infrastructure. The SEC is expected to release an innovation exemption for tokenized stocks as soon as this week, and the proposal would create a new framework for betting on publicly traded companies through digital tokens that track share prices. The agency is leaning toward allowing so-called third-party tokens, meaning tokens could be created and traded on decentralized crypto platforms even without the backing or consent of the issuer, although these instruments may not carry normal stock rights such as voting or dividends.
The proposal would mark a major regulatory experiment because it would let parallel markets for the same listed stocks develop outside parts of the traditional framework for fair pricing, transparency, and investor protection. The SEC distinguishes between issuer-backed tokens and third-party tokens, and officials are still refining the exemption after consulting hundreds of market participants. Tokenization has become a major crypto trend over the past year, covering digital representations of stocks, bonds, real estate, and private credit, while advocates argue that near-instant settlement and 24/7 trading can improve market efficiency. The broader policy backdrop includes the Senate Banking Committee advancing the Clarity Act, which would make the Commodity Futures Trading Commission the main regulator for large parts of crypto while the SEC keeps authority over digital securities.
The market is already preparing: Bullish bought transfer agent Equiniti in a $4.2 billion deal, the NYSE is building a blockchain venue for tokenized stocks and exchange-traded funds, and Nasdaq says it is designing tokens that give public companies more control over their shares. The exemption could apply to decentralized finance platforms, a $130 billion corner of crypto, but DeFi has also suffered hacks this year that drained hundreds of millions of dollars, highlighting security risks. Critics warn that allowing multiple token wrappers for the same company, such as Apple or Amazon, could fragment markets, weaken price transparency, and reduce certainty about value; industry groups including Citadel Securities and SIFMA also warn about possible erosion of know-your-customer, anti-money-laundering, and other safeguards. SEC officials remain divided, Hester Peirce has questioned whether issuer consent should be required, and even supporters say any carveout would likely be incremental rather than an overnight rewrite of the financial system.