<div id="readability-page-1" class="page"><div><p>On May 18, the U.S. Securities and Exchange Commission (SEC) approved a rule change application from the New York Stock Exchange (NYSE). This regulatory approval, which generated almost no discussion in the financial media, may be a key stepping stone for Web3 assets to enter the mainstream capital market. If you've been following the narratives of RWA, Pre-IPO Tokens, and blockchain-based US stocks over the past two years, the following is worth a serious read. What does the rule itself say? The NYSE has amended Rule 703.12(II) of the NYSE Listed Company Manual, the core of which is the addition of a new tool called &#34;Prospective Listing Rights&#34;. The logic is simple: the underlying security hasn't been officially listed yet, but as long as it will be listed on the NYSE in the future, and the SEC has announced the relevant registration statement as effective, then the &#34;right to subscribe to the security in the future&#34; itself can be traded on the NYSE first. At the same time, the new rules also break an old restriction: subscription rights are no longer limited to existing shareholders, but can be offered to any investor. This sounds like an upgrade to a traditional financial tool, and has nothing to do with the crypto world. But that's precisely the problem. The Core Vulnerability of Pre-IPO Tokens Over the past two years, &#34;Pre-IPO&#34; has been one of the hottest narratives in the crypto market. OpenAI, SpaceX, Anthropic, Stripe—numerous platforms have issued tokens corresponding to these names, attracting countless investors who believed in the &#34;get on board early&#34; logic. However, many people didn't realize that what they were buying wasn't real equity in these companies, but rather an &#34;economic exposure promised to you&#34; by a platform, a special purpose vehicle (SPV), or an issuer. These products lack shareholder status, voting rights, dividend rights, information rights, and direct control over actual shares. Essentially, the only connection between these products and the underlying stock is a reference to price movements—more akin to a contract for difference (CFD) than a security right. When problems arise and attempts to seek redress are made, it's often difficult to even identify the responsible party. The NYSE's new rules, however, do the exact opposite: first confirming the rights, first confirming the registration statement, first confirming that the underlying securities will be listed on the NYSE, before allowing this &#34;future subscription right&#34; to be listed on the exchange. This is what a compliant Pre-IPO should look like—platform credibility is underpinned by exchange rules and securities laws. The industry is entering its &#34;second phase.&#34; Looking back, the development of RWA and asset tokenization has clear stages: Phase 1: Asset On-Chain Mapping. This phase mapped bonds, stocks, fund shares, and unlisted equity into tokens, solving the problem of &#34;on-chain holdability.&#34; This phase established the basic technical framework and market awareness, with stablecoins, US Treasury tokens, and some equity-based products being the first to successfully implement the technology. Phase Two: On-Chain Rights What rights correspond to the tokens, how are these rights legally recognized, transferred, and exercised? This is the real challenge, the true hurdle. This problem has not yet been fully resolved, but the direction of the regulatory framework is clear. The NYSE's recent amendment, along with the OCC's issuance of banking licenses, the progress of the GENIUS Act, and the SEC's softening stance on tokenized securities over the past 12 months, all point to the same trend: the infrastructure of traditional capital markets is gradually extending towards digital assets. This rule itself doesn't mention blockchain or tokens. However, the logic it establishes—allowing &#34;future rights&#34; to be independently registered, traded, and held accountable—precisely addresses the core issues that RWA and the next stage of blockchain adoption in US stocks need to resolve within the traditional legal framework. This isn't a direct conclusion of the rules, but rather the direction they point to. The first phase opened up room for imagination. The second phase presents tougher challenges and higher barriers to entry. Who will be the first to walk through this door? The new regulations have the most direct implications for several types of market participants: Circle, a compliant crypto company aiming for a US listing, has submitted its IPO application, and Kraken, Chainalysis, and other institutions also intend to go public. The &#34;forward-looking listing right&#34; provides a more flexible fundraising window than a traditional IPO. Digital asset issuers seeking to raise funds from institutional investors can utilize new subscription rights as a compliant legal vehicle to complete fund collection within the SEC registration framework before triggering a formal listing. Traditional institutions already holding substantial digital assets will have clearer legal grounds for compliant holding and disposal of on-chain assets once asset tokenization enters the rights layer. However, this path does not eliminate the barriers. The new regulations require SEC registration after the exercise of rights; regulatory review cannot be skipped. This is a newly opened formal channel within the framework, not a shortcut. Over the past two years, each regulatory framework implementation has been a prerequisite for institutional funds to truly enter the market. In the 12 months following the approval of the Bitcoin ETF, institutional holdings quadrupled. Circle's IPO process accelerated significantly after the issuance of the OCC license. The NYSE is addressing the issue of compliant financing channels. How to truly put rights on the blockchain and how shareholder rights can be fully transferred on-chain are the next questions the industry hasn't yet answered. But the direction is clear: whoever completes this infrastructure first will stand at the entrance for the next round of institutional funds.</p></div></div>

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<p>The SEC has approved NYSE's amendment to Rule 703.12, introducing 'Prospective Listing Rights' that allow future subscription rights to be traded before official listing. This change aims to facilitate the entry of Web3 assets into mainstream markets, addressing issues with Pre-IPO tokens by ensuring rights are confirmed before trading. The new rules signal a shift towards integrating digital assets within traditional capital markets, providing clearer legal frameworks for digital asset issuers and institutions.</p>

- On May 18, the SEC approved a rule change by the NYSE, introducing "Prospective Listing Rights" which allows trading rights for future listings.  
- This regulatory shift marks a potential pathway for Web3 assets in mainstream markets, addressing issues related to Pre-IPO Tokens and compliance within traditional frameworks.  
- The new rules could benefit institutions like Circle and Kraken in their IPO endeavors, while also clarifying the legal standing for digital asset holdings and transactions.

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The new NYSE rules point to the next answer: Prices shouldn't be the only thing on the blockchain.