<p>美国监管机构证券交易委员会（SEC）重申，代币化证券仍然属于证券，并受联邦证券法的管辖。</p>
<p>在最近的一份声明中，监管机构澄清，无论股票是链外发行还是链上发行，都必须遵守相关法律。</p>
<blockquote>
<p>“无论其格式如何，《证券法》要求每一项证券的发行和销售都必须向委员会注册，除非有注册豁免可用。”</p>
</blockquote>
<p>该指导进一步重申，</p>
<blockquote>
<p>“同样，股票在《证券法》和《交易法》下都是 ‘股权证券’，无论其格式如何。”</p>
</blockquote>
<p>根据监管机构的说法，代币化股票分为两类。第一类是发行人赞助的，转移权利和保护给持有者；第二类是第三方赞助的链上股票，提供不同的所有权权利和保护。</p>
<p>代币化证券的发行商之一 Securitize 欢迎这一举措，表示这对 ‘扩大’ 该行业至关重要。</p>
<blockquote>
<p>“像这样的清晰框架是负责任地扩大代币化的关键。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-152804.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="570" height="203" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-152804.png"/></p>
<p>来源：X</p>
<h2><strong>华尔街反对 DeFi 豁免</strong></h2>
<p>该声明是在监管机构与华尔街公司就如何在当前法律框架下处理代币化证券进行的最近会议后发布的。</p>
<p>根据 SEC 的备忘录，来自 Citadel、摩根大通、Cahill Gordon &amp; Reindel、证券行业和金融市场协会（SIFMA）的代表反对对链上股票的广泛豁免。</p>
<p>引用十月的闪电崩盘和 Stream Finance 的崩溃，传统金融集团警告，</p>
<blockquote>
<p>“对代币化交易活动的广泛豁免可能会削弱投资者保护，并导致市场混乱。”</p>
</blockquote>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-150552.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="925" height="652" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-150552.png"/></p>
<p>来源：SEC/SIFMA</p>
<p>事实上，在一封十二月的信中，Citadel Securities 呼吁对处理代币化证券的 DeFi 平台进行类似的监管，像对待传统同行一样。</p>
<p>DeFi 行业一直在推动法律豁免，声称他们的平台是去中介化的，以证明法律责任。</p>
<p>在最近的一次会议上，SIFMA 及其传统金融成员推动对代币化证券进行新的分类，以便更有效的监管。</p>
<p>最新的 SEC 声明反映了他们提出的一些担忧。然而，它并没有涉及更广泛的 DeFi 操作。这一遗漏可能是因为与代币化证券相关的问题仍在 CLARITY 法案中讨论。</p>
<h2><strong>代币化股票瞄准 10 亿美元</strong></h2>
<p>尽管如此，集体 DeFi 参与者称 Citadel Securities 的推动和论点为 ‘无根据’ 和 ‘有缺陷’。</p>
<p>该行业可能会在法案中倡导某种形式的 DeFi 豁免。最终代币化证券的框架是否会在这两个阵营之间达成妥协尚待观察。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-153523.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1390" height="921" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-153523.png"/></p>
<p>来源：RWA</p>
<p>该行业获得了强劲的关注，代币化证券持有者接近 30 万用户，仅在一月份就增长了 100%。此外，链上股票的总交易价值接近 10 亿美元。</p>
<hr/>
<h2>最终思考</h2>
<ul>
<li><em>美国 SEC 澄清代币化证券仍然受现行联邦证券法的管辖</em></li>
<li><em>华尔街反对在代币化证券交易中广泛的 DeFi 豁免。</em></li>
</ul>

摩根大通

<p>美国证券交易委员会（SEC）重申，代币化股票受现有联邦证券法的约束，除非获得豁免，否则需要注册以进行发行和销售。该指导将代币化股票分为发行人赞助和第三方赞助两种类型。Securitize 对这一明确性表示支持，以促进该行业的扩展。华尔街公司，包括 Citadel 和摩根大通，反对广泛的去中心化金融（DeFi）豁免，理由是投资者保护的担忧。SEC 的声明反映了这些担忧，但并未涉及更广泛的 DeFi 操作。代币化证券行业正在增长，交易价值接近 10 亿美元，用户达到 30 万</p>

<p>The U.S. regulator, the Securities and Exchange Commission (SEC), has reiterated that tokenized securities are still securities and fall under federal securities law.</p>
<div class="lb-trans"><p>美国监管机构证券交易委员会（SEC）重申，代币化证券仍然属于证券，并受联邦证券法的管辖。</p>
</div><p>In a recent statement, the regulator clarified that whether a stock is issued off-chain or on-chain, it must still comply with the relevant laws.</p>
<div class="lb-trans"><p>在最近的一份声明中，监管机构澄清，无论股票是链外发行还是链上发行，都必须遵守相关法律。</p>
</div><blockquote>
<p>“Regardless of its format, the Securities Act requires that every offer and sale of a security must be registered with the Commission unless an exemption from registration is available.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“无论其格式如何，《证券法》要求每一项证券的发行和销售都必须向委员会注册，除非有注册豁免可用。”</p>
</blockquote>
</div><p>The guidance further reiterated,</p>
<div class="lb-trans"><p>该指导进一步重申，</p>
</div><blockquote>
<p>“Similarly, stock is an ‘equity security’ under the Securities Act and the Exchange Act regardless of its format.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“同样，股票在《证券法》和《交易法》下都是 ‘股权证券’，无论其格式如何。”</p>
</blockquote>
</div><p>According to the watchdog, tokenized stocks fall into two categories. The first is issuer-sponsored, which transfers rights and protections to the holder, while the second is third-party sponsored on-chain stocks that offer varied ownership rights and protections.</p>
<div class="lb-trans"><p>根据监管机构的说法，代币化股票分为两类。第一类是发行人赞助的，转移权利和保护给持有者；第二类是第三方赞助的链上股票，提供不同的所有权权利和保护。</p>
</div><p>Securitize, one of the issuers of tokenized securities, welcomed the move, stating that it is crucial for ‘scaling’ the sector.</p>
<div class="lb-trans"><p>代币化证券的发行商之一 Securitize 欢迎这一举措，表示这对 ‘扩大’ 该行业至关重要。</p>
</div><blockquote>
<p>“Clear frameworks like this are key to responsibly scaling tokenization.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“像这样的清晰框架是负责任地扩大代币化的关键。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-152804.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-152804.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><h2><strong>Wall Street opposes DeFi exemptions</strong></h2>
<div class="lb-trans"><h2><strong>华尔街反对 DeFi 豁免</strong></h2>
</div><p>The statement followed the recent meeting between the regulator and Wall Street firms on how to treat tokenized securities under the current legal regime.</p>
<div class="lb-trans"><p>该声明是在监管机构与华尔街公司就如何在当前法律框架下处理代币化证券进行的最近会议后发布的。</p>
</div><p>According to an SEC memo, representatives from Citadel, JPMorgan Chase &amp; Co., Cahill Gordon &amp; Reindel, Securities Industry and Financial Markets Association (SIFMA), pressed against broad exemptions for on-chain stocks.</p>
<div class="lb-trans"><p>根据 SEC 的备忘录，来自 Citadel、摩根大通、Cahill Gordon &amp; Reindel、证券行业和金融市场协会（SIFMA）的代表反对对链上股票的广泛豁免。</p>
</div><p>Referencing the October flash crash and Stream Finance collapse, the TradFi group warned,</p>
<div class="lb-trans"><p>引用十月的闪电崩盘和 Stream Finance 的崩溃，传统金融集团警告，</p>
</div><blockquote>
<p>“Broad exemptions for tokenized trading activities could undermine investor protection and lead to market disruptions.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“对代币化交易活动的广泛豁免可能会削弱投资者保护，并导致市场混乱。”</p>
</blockquote>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-150552.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-150552.png"/></p>
<p>Source: SEC/SIFMA</p>
<div class="lb-trans"><p>来源：SEC/SIFMA</p>
</div><p>In fact, in a December letter, Citadel Securities called for similar regulation of DeFi platforms handling tokenized securities like their traditional counterparts.</p>
<div class="lb-trans"><p>事实上，在一封十二月的信中，Citadel Securities 呼吁对处理代币化证券的 DeFi 平台进行类似的监管，像对待传统同行一样。</p>
</div><p>The DeFi complex has been pushing for legal exemptions, claiming their platforms are disintermediated to warrant the legal responsibility.</p>
<div class="lb-trans"><p>DeFi 行业一直在推动法律豁免，声称他们的平台是去中介化的，以证明法律责任。</p>
</div><p>In a recent meeting, SIFMA and its TradFi members pushed for a new classification of tokenized securities to enable more effective regulation.</p>
<div class="lb-trans"><p>在最近的一次会议上，SIFMA 及其传统金融成员推动对代币化证券进行新的分类，以便更有效的监管。</p>
</div><p>The latest SEC statement reflects some of the concerns they raised. However, it does not address broader DeFi operations. This omission may be because issues related to tokenized securities are still under discussion within the CLARITY Act.</p>
<div class="lb-trans"><p>最新的 SEC 声明反映了他们提出的一些担忧。然而，它并没有涉及更广泛的 DeFi 操作。这一遗漏可能是因为与代币化证券相关的问题仍在 CLARITY 法案中讨论。</p>
</div><h2><strong>Tokenized stocks eye $1 billion</strong></h2>
<div class="lb-trans"><h2><strong>代币化股票瞄准 10 亿美元</strong></h2>
</div><p>Even so, the collective DeFi players called Citadel Securities’ push and argument ‘bassless’ and ‘flawed.’</p>
<div class="lb-trans"><p>尽管如此，集体 DeFi 参与者称 Citadel Securities 的推动和论点为 ‘无根据’ 和 ‘有缺陷’。</p>
</div><p>The industry may likely advocate for DeFi exemptions of some sort in the bill. It remains to be seen whether the final framework for tokenized securities will be a compromise between these two camps.</p>
<div class="lb-trans"><p>该行业可能会在法案中倡导某种形式的 DeFi 豁免。最终代币化证券的框架是否会在这两个阵营之间达成妥协尚待观察。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-153523.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-29-153523.png"/></p>
<p>Source: RWA</p>
<div class="lb-trans"><p>来源：RWA</p>
</div><p>The sector has gained strong traction, with tokenized securities holders edging close to 300K users, representing a 100% growth in January alone. Additionally, the total value of traded on-chain stocks is teetering toward the $1 billion mark.</p>
<div class="lb-trans"><p>该行业获得了强劲的关注，代币化证券持有者接近 30 万用户，仅在一月份就增长了 100%。此外，链上股票的总交易价值接近 10 亿美元。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最终思考</h2>
</div><ul>
<li><em>The U.S. SEC clarified that tokenized securities still fall under the current federal securities law</em></li>
<li><em>Wall Street pressed against a broad DeFi exemption in tokenized securities trading.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>美国 SEC 澄清代币化证券仍然受现行联邦证券法的管辖</em></li>
<li><em>华尔街反对在代币化证券交易中广泛的 DeFi 豁免。</em></li>
</ul>
</div>

美国证券交易委员会重申，代币化股票必须遵循现有的证券法律规定