#美SEC代币化股票交易计划
In 2026, the U.S. SEC's tokenized stock trading plan marks a critical period for the global financial markets' digital transformation. This strategic shift abandons the past 'enforcement-style regulation' and establishes a clear classification system through 'crypto projects,' clearly placing tokenized stocks within the realm of traditional securities regulation, thus ending the long-standing regulatory gray areas.
The SEC's 'Innovative Exemption' regulatory sandbox allows qualified institutions to test tokenized products in a controlled environment, in conjunction with the DTCC-approved three-year pilot program, paving the way for on-chain trading of assets like Russell 1000 components. Nasdaq is simultaneously advancing its 'in-system' solution, enabling tokenized stocks to share trading rules with traditional stocks, improving settlement efficiency from T+1 to real-time delivery, significantly reducing capital occupancy costs.
This plan not only lowers the investment threshold through fractional trading but also promotes the integration of DeFi with traditional finance, fostering innovative applications such as on-chain lending. However, regulators have also clearly delineated red lines, strictly controlling synthetic tokens without real equity backing, upholding the bottom line of investor protection. This transformation not only solidifies the core position of U.S. financial innovation but also provides a 'rules-first' practical model for global asset tokenization.
