<p>美国证券交易委员会在周三批准了一项规则变更，允许纳斯达克支持代币化股票的交易，这标志着传统金融与加密货币融合的又一个例证。</p>
<p>根据一份文件，符合条件的参与者将在由存管信托公司（DTCC）运营的试点项目中以代币化形式结算交易。</p>
<p>该规则变更允许试点参与者选择以代币化形式结算股票交易，这些股票与传统股票共享相同的订单簿和执行优先权。文件指出，代币化股票还必须为股东提供与常规交易股票相同的权利和特权。</p>
<p>在主席保罗·阿特金斯的领导下，SEC 已开始推进与加密相关的规则制定，包括对链上证券潜在的 “创新豁免” 的研究。该机构通常采取谨慎态度，强调代币化证券仍需遵循现有证券法。</p>
<p>然而，允许传统股票的代币化表示在美国主要交易所交易，代表着朝着将市场基础设施上链迈出的重要和实际的一步。到目前为止，大多数代币化股票的发行仅向非美国用户开放，平台试图让加密投资者接触特斯拉和苹果等公司。</p>
<p>周三的批准还跟随了加密公司和传统金融机构推动代币化证券的更广泛势头。去年 12 月，SEC 授权 DTCC 在批准的区块链上试点某些资产的代币化。纽约证券交易所也表示正在探索交易和结算代币化证券的平台，包括延长交易时间的可能性。</p>
<p>值得注意的是，推动代币化的努力遭到一些传统金融团体的抵制，他们认为需要更强的监管框架来规范基于区块链的证券。</p>
<p>周二，阿特金斯表示，SEC 计划在未来几周内就与未来规则制定相关的一系列主题征求公众意见，包括提议的创新豁免。</p>
<p>阿特金斯表示：“我非常坚信，我们需要有一个坚实的基础，给人们确定性，吸引人们回到美国，开发创新产品以服务投资者，并使我们的金融系统更高效、更少风险。”</p>
<p>SEC 的文件没有规定试点项目将持续多长时间。</p>
<p>免责声明：The Block 是一个独立的媒体机构，提供新闻、研究和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。Foresight Ventures 还投资于其他加密领域的公司。加密交易所 Bitget 是 Foresight Ventures 的主要有限合伙人。The Block 继续独立运营，提供关于加密行业的客观、重要和及时的信息。以下是我们当前的财务披露。</p>
<p>© 2026 The Block。版权所有。本文仅供信息参考，不构成法律、税务、投资、金融或其他建议。</p>

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<p>美国证券交易委员会（SEC）已批准纳斯达克的代币化股票交易试点计划，允许符合条件的参与者以代币化形式结算交易。此举标志着传统金融与加密货币的融合，代币化股票与传统股票共享同一订单簿。SEC 强调，代币化证券必须遵守现有法律。尽管对更严格的监管存在一些抵制，但来自加密和传统金融领域对代币化证券的支持日益增长。试点计划的持续时间尚未具体说明</p>

<p>The U.S. Securities and Exchange Commission approved a rule change on Wednesday, allowing Nasdaq to support the trading of tokenized shares, marking another example of how traditional finance and crypto are converging.</p>
<div class="lb-trans"><p>美国证券交易委员会在周三批准了一项规则变更，允许纳斯达克支持代币化股票的交易，这标志着传统金融与加密货币融合的又一个例证。</p>
</div><p>Eligible participants will be able to settle trades in tokenized form during a pilot program operated by the Depository Trust Company, part of the DTCC, according to a filing.</p>
<div class="lb-trans"><p>根据一份文件，符合条件的参与者将在由存管信托公司（DTCC）运营的试点项目中以代币化形式结算交易。</p>
</div><p>The rule change allows participants in the pilot to opt to have stock trades settled in tokenized form, with the equities sharing the same order book and execution priority as traditional shares, the filing said. Tokenized shares must also provide shareholders with the same rights and privileges as a regularly traded equity.</p>
<div class="lb-trans"><p>该规则变更允许试点参与者选择以代币化形式结算股票交易，这些股票与传统股票共享相同的订单簿和执行优先权。文件指出，代币化股票还必须为股东提供与常规交易股票相同的权利和特权。</p>
</div><p>Under Chairman Paul Atkins, the SEC has begun advancing crypto-related rulemaking, including work on a potential &#34;innovation exemption&#34; for onchain securities. The agency has generally taken a cautious stance, emphasizing that tokenized securities remain subject to existing securities laws.</p>
<div class="lb-trans"><p>在主席保罗·阿特金斯的领导下，SEC 已开始推进与加密相关的规则制定，包括对链上证券潜在的 “创新豁免” 的研究。该机构通常采取谨慎态度，强调代币化证券仍需遵循现有证券法。</p>
</div><p>The move to enable tokenized representations of traditional equities to trade on a major U.S. exchange, however, represents a significant and practical step toward potentially bringing market infrastructure onchain. So far, most tokenized stock offerings have only been available to non-U.S. users by platforms seeking to give crypto investors exposure to companies like Tesla and Apple.</p>
<div class="lb-trans"><p>然而，允许传统股票的代币化表示在美国主要交易所交易，代表着朝着将市场基础设施上链迈出的重要和实际的一步。到目前为止，大多数代币化股票的发行仅向非美国用户开放，平台试图让加密投资者接触特斯拉和苹果等公司。</p>
</div><p>Wednesday's approval also follows broader momentum from both crypto firms and traditional financial institutions advocating for tokenized securities. In December, the SEC authorized the DTCC to pilot the tokenization of certain assets on approved blockchains. Separately, the New York Stock Exchange has said it is exploring platforms for trading and settling tokenized securities, including the possibility of extended trading hours.</p>
<div class="lb-trans"><p>周三的批准还跟随了加密公司和传统金融机构推动代币化证券的更广泛势头。去年 12 月，SEC 授权 DTCC 在批准的区块链上试点某些资产的代币化。纽约证券交易所也表示正在探索交易和结算代币化证券的平台，包括延长交易时间的可能性。</p>
</div><p>Notably, the push toward tokenization has faced resistance from some traditional finance groups, which argue that stronger regulatory guardrails are needed for blockchain-based securities.</p>
<div class="lb-trans"><p>值得注意的是，推动代币化的努力遭到一些传统金融团体的抵制，他们认为需要更强的监管框架来规范基于区块链的证券。</p>
</div><p>On Tuesday, Atkins said the agency plans to seek public comment in the coming weeks on a range of topics tied to future rulemaking, including the proposed innovation exemption.</p>
<div class="lb-trans"><p>周二，阿特金斯表示，SEC 计划在未来几周内就与未来规则制定相关的一系列主题征求公众意见，包括提议的创新豁免。</p>
</div><p>&#34;I really feel strongly that we need to have that firm foundation, give people certitude, attract people back here to the United States, work on innovative products for investors and to make our financial system more efficient and less risky,&#34; Atkins said.</p>
<div class="lb-trans"><p>阿特金斯表示：“我非常坚信，我们需要有一个坚实的基础，给人们确定性，吸引人们回到美国，开发创新产品以服务投资者，并使我们的金融系统更高效、更少风险。”</p>
</div><p>The SEC filing did not stipulate how long the pilot program will last.</p>
<div class="lb-trans"><p>SEC 的文件没有规定试点项目将持续多长时间。</p>
</div><p>Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.</p>
<div class="lb-trans"><p>免责声明：The Block 是一个独立的媒体机构，提供新闻、研究和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。Foresight Ventures 还投资于其他加密领域的公司。加密交易所 Bitget 是 Foresight Ventures 的主要有限合伙人。The Block 继续独立运营，提供关于加密行业的客观、重要和及时的信息。以下是我们当前的财务披露。</p>
</div><p>© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p>
<div class="lb-trans"><p>© 2026 The Block。版权所有。本文仅供信息参考，不构成法律、税务、投资、金融或其他建议。</p>
</div>

SEC approves Nasdaq tokenized equities trading pilot

- 美国证券交易委员会批准纳斯达克支持交易代币化股票。  
- 参与者可在由存款信托公司运营的试点项目中以代币形式结算交易。  
- 此举标志着传统金融与加密货币的进一步融合。

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美国证券交易委员会批准了纳斯达克代币化股票交易的试点项目