撰写者：Shannon@金色财经
纽约证券交易所的代币化股票终于来了！
2026 年 5 月 12 日，美国证券交易委员会在其网站上发布了一份文件，详细说明了纽约证券交易所之前提交的关于代币化证券规则修订的提案，并通知纽约证券交易所该代币化证券提案已自动生效。
<img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7465085_watermarknone.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="53" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7465085_watermarknone.png"/>
<img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7465090_watermarknone.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="230" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7465090_watermarknone.png"/>
<blockquote>
提议规则变更的生效日期和 SEC 行动的时间安排
纽约证券交易所已根据美国证券法第 19(b)(3)(A) 条和第 19b-4(f)(6) 条提交了提议的规则变更。
由于提议的规则变更 (i) 不会对投资者保护或公众利益产生实质性影响；(ii) 不会对竞争造成任何重大负担；并且 (iii) 在提交后 30 天生效（或 SEC 指定的更短时间），因此根据证券法第 19(b)(3)(A) 条和第 19b-4(f)(6) 条自动生效。这是区块链技术正式融入传统美国证券交易所主流交易基础设施的里程碑事件。背景：这是如何发生的？该文件的出现并非突然。整个政策路径清晰可见：第一步（2025 年 12 月 11 日）是美国证券交易委员会向存托信托公司（DTC）发出无行动函，授权 DTC 进行为期三年的代币化证券结算试点项目（“DTC 试点项目”）。第二步（2026 年 3 月）是纳斯达克向 SEC 申请并获得类似规则的批准，成为首个允许代币化证券交易的主要交易所。第三步（2026 年 5 月 1 日）是纽约证券交易所国家提交其自身的规则变更申请，该申请将在 SEC 于 5 月 12 日公告后自动生效。该规则变更的核心法律依据是 1934 年证券法第 19(b)(1) 条。纽约证券交易所国家新增了第 7.39 条规则，并修订了第 1.1、7.36、7.37 和 7.41 条规则，构建了代币化证券交易的完整框架。核心内容：该规则具体规定了什么？什么是 “代币化证券”？该文件明确将其定义为：代币化证券是使用分布式账本或区块链技术的证券数字表示，与 “传统证券”（同样是数字表示但不使用区块链）相对。它们本质上代表相同的资产，只是底层技术不同。哪些证券可以进行代币化交易？范围严格限于两种类型的资产：第一，罗素 1000 指数的成分股（美国市值前 1000 家公司）；第二，跟踪主要指数的 ETF。这两种类型的资产统称为 “DTC 合格证券”。代币化证券必须满足什么条件才能上市和交易？该文件设定了严格的等价要求：代币化证券必须与其对应的传统证券共享相同的 CUSIP 号码 和 交易代码；授予持有人完全相同的 权利（包括股权利益、分红权、投票权和清算分配权）；并且在市场上完全 可替代。如果代币化版本不满足这些条件，它将被视为独立证券，例如衍生品或存托凭证，而不是等价物。交易机制如何运作？操作过程相当简单。希望以代币化形式结算的 DTC 合格参与者在纽约证券交易所国家系统下单时选择 “代币化标志”，并提供区块链类型和数字钱包地址。交易所将在结算后将此偏好传达给 DTC，DTC 执行代币化结算。如果参与者不合格，证券不符合要求，或钱包与 DTC 试点项目不兼容，订单将自动以传统方式结算，不会出现错误或中断。哪些规则保持不变？这是该文件中最值得注意的部分——绝大多数现有规则保持 完全不变：所有订单类型和路由策略照常适用；代币化证券和传统证券在 同一订单簿 中以相同优先级匹配，代币化标志不影响订单优先级；结算仍为 T+1（次日结算）；费用表对代币化和传统交易 无差异；市场数据不区分这两种格式；FINRA 的市场监测覆盖代币化证券；明显错误和风险管理措施同样适用；代理投票分配过程基本保持不变。用文件的话来说，这一变化的理念是 “利用现有结构、参与者和规则”，而不是从头开始。有效机制和监管保障 由于这一规则变更被认为不会对投资者保护产生重大影响或对竞争施加实质性负担，因此根据证券交易法第 19(b)(3)(A) 条，在提交后 30 天自动生效，无需正式的 SEC 批准或投票。然而，SEC 保留在提交后 60 天内如认为必要可暂时暂停规则变更并启动正式批准或拒绝程序的权利。DTC 试点项目将持续三年，届时纽约证券交易所国家将重新评估是否续期或提交新的规则提案。结论：该文件的历史意义 该文件虽然看似高度技术化，但实际上具有深远的意义，可以从三个层面理解：对于华尔街：区块链技术正式进入主流美国证券交易的核心基础设施。罗素 1000 指数代表美国最大的上市公司，加上主要 ETF，这意味着市场上绝大多数交易量将以代币化形式结算。对于监管范式：美国 SEC 选择了一条 “不创建单独轨道” 的道路——代币化证券不享有任何豁免，不会创建平行市场结构，完全在现有国家市场体系的框架内运作。这与之前市场对 “监管套利” 的担忧完全相反，并为其他国家的监管机构提供了参考模型。对于加密与传统金融的融合：结合美国国会目前推动的《清晰法案》和之前通过的《天才法案》，该 SEC 文件代表了另一种融合方向——不是加密进入传统金融，而是传统金融积极将区块链技术纳入自身体系。两条路径同时推进，并最终将在某个时刻汇聚。用文件自己的话来说，这一变化本质上与证券从面值到十进制定价的转变以及 ETF 等新证券的初步批准没有本质区别——这两者都是对市场基础设施的技术升级，而不改变基本规则。
</blockquote>

罗素 1000 ETF - Vanguard

罗素 1000 价值指数 ETF - iShares

罗素 1000 成长指数 ETF - iShares

罗素 1000 成长股 ETF - Vanguard

罗素 1000 指数 ETF - iShares

纽约证券交易所（NYSE）正式实施了代币化证券，这标志着区块链技术与传统交易整合的重要里程碑。美国证券交易委员会（SEC）宣布，NYSE 关于代币化股票的规则变更提案已生效，允许交易证券的数字表示。这些代币化证券必须满足与传统证券的严格等价要求，并且仅限于罗素 1000 股票和某些 ETF。交易机制基本保持不变，确保市场参与者的无缝过渡

Written by: Shannon@Jinse Finance
<div class="lb-trans">撰写者：Shannon@金色财经
</div>The NYSE's tokenized stocks are finally coming!
<div class="lb-trans">纽约证券交易所的代币化股票终于来了！
</div>On May 12, 2026, the U.S. SEC released a document on its website detailing the NYSE's previously submitted proposal to amend the rules on tokenized securities, and notifying the NYSE that the tokenized securities proposal has automatically taken effect.
<div class="lb-trans">2026 年 5 月 12 日，美国证券交易委员会在其网站上发布了一份文件，详细说明了纽约证券交易所之前提交的关于代币化证券规则修订的提案，并通知纽约证券交易所该代币化证券提案已自动生效。
</div><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7465085_watermarknone.png" alt="" original-src="https://img.jinse.com.cn/7465085_watermarknone.png"/>
<img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7465090_watermarknone.png" alt="" original-src="https://img.jinse.com.cn/7465090_watermarknone.png"/>
<blockquote>
Effective Date of Proposed Rule Changes and Timing of SEC Action
The NYSE has submitted proposed rule changes pursuant to Section 19(b)(3)(A) of the U.S. Securities Act and Rule 19b-4(f)(6) thereunder.
Because the proposed rule changes (i) do not materially affect investor protection or the public interest; (ii) do not impose any significant burden on competition; and (iii) become effective 30 days after their filing (or a shorter period as specified by the SEC), they are effective under Section 19(b)(3)(A) of the Securities Act and Rule 19b-4(f)(6) thereunder. This is a milestone event in the formal integration of blockchain technology into the mainstream trading infrastructure of traditional U.S. securities exchanges. Background: How did this happen? The appearance of this document was not sudden. The entire policy path is clearly visible: The first step (December 11, 2025) involves the U.S. SEC issuing a No-Action Letter to the Depository Trust Company (DTC), authorizing the DTC to conduct a three-year pilot program for tokenized securities settlement (the &#34;DTC Pilot Program&#34;). The second step (March 2026) involves Nasdaq applying to and receiving approval for similar rules from the SEC, becoming the first major exchange to allow tokenized securities trading. The third step (May 1, 2026) involves NYSE National submitting its own application for this rule change, which is automatically effective upon announcement by the SEC on May 12. The core legal basis for this rule change is Section 19(b)(1) of the Securities Act of 1934. NYSE National added Rule 7.39 and revised Rules 1.1, 7.36, 7.37, and 7.41, constructing a complete framework for tokenized securities trading. Core Content: What exactly does the rule say? What is a &#34;tokenized security&#34;? The document clearly defines it as follows: Tokenized securities are digital representations of securities using distributed ledger or blockchain technology, as opposed to &#34;traditional securities&#34; (which are also digitally represented but do not use blockchain). They essentially represent the same asset, only the underlying technology differs. Which securities can be tokenized for trading? The scope is strictly limited to two types of assets: first, the constituent stocks of the Russell 1000 Index (the top 1000 listed companies by market capitalization in the United States); and second, ETFs that track major indices. These two types of assets are collectively referred to as &#34;DTC-eligible securities.&#34; What conditions must tokenized securities meet to be listed and traded? The document sets strict equivalence requirements: tokenized securities must share the same **CUSIP number** and **trading code** as their corresponding traditional securities; grant holders the exact same **rights** (including equity interests, dividend rights, voting rights, and liquidation distribution rights); and be fully **fungible** in the market. If a tokenized version does not meet these conditions, it will be considered a separate security such as a derivative or depositary receipt, rather than an equivalent. How does the trading mechanism work? The operation process is quite simple. DTC-eligible participants who wish to settle in tokenized form select a &#34;tokenization flag&#34; when placing an order in the NYSE National system and provide the blockchain type and digital wallet address. The exchange transmits this preference to the DTC after settlement, and the DTC executes the tokenized settlement. If a participant is ineligible, the securities do not meet the requirements, or the wallet is incompatible with the DTC pilot program, the order will be automatically settled in the traditional manner without error or interruption. Which rules remain unchanged? This is one of the most noteworthy parts of the document—the vast majority of existing rules remain **completely unchanged**: All order types and routing strategies apply as usual; tokenized and traditional securities are matched in the **same order book** with the same priority, and the tokenization flag does not affect the order priority; settlement remains **T+1** (next-day settlement); the fee schedule is **undifferentiated** for tokenized and traditional transactions; market data does not differentiate between the two formats; FINRA's market monitoring covers tokenized securities; obvious errors and risk management measures also apply; the proxy voting distribution process remains largely unchanged. In the words of the document, the philosophy behind this change is to &#34;leverage existing structures, participants, and rules,&#34; rather than starting from scratch. Effective Mechanism and Regulatory Safeguards Since this rule change is deemed not to significantly impact investor protection or impose a substantial burden on competition, it will automatically take effect 30 days after submission, pursuant to Section 19(b)(3)(A) of the Securities Exchange Act, without requiring formal SEC approval or a vote. However, the SEC reserves the right to temporarily suspend the rule change and initiate formal approval or rejection proceedings within 60 days of submission, if deemed necessary. The DTC pilot program will last for three years, at which time NYSE National will reassess whether to renew it or submit a new rule proposal. Conclusion: The Historical Significance of This Document This document, while seemingly highly technical, is actually of profound significance and can be understood on three levels: For Wall Street: Blockchain technology has officially entered the core infrastructure of mainstream US securities trading. The Russell 1000 index represents the largest listed companies in the US, and together with major ETFs, this means that the vast majority of trading volume in the market will be settled in tokenized form. For the Regulatory Paradigm: The US SEC has chosen a path of &#34;not creating a separate track&#34;—tokenized securities do not enjoy any exemptions, do not create parallel market structures, and operate entirely within the framework of the existing national market system. This is completely contrary to previous market concerns about &#34;regulatory arbitrage&#34; and provides a reference model for regulatory agencies in other countries. For the Integration of Crypto and Traditional Finance: Combining the Clarity Act currently being pushed forward by the US Congress and the previously passed Genius Bill, this SEC document represents another direction of integration—not crypto entering traditional finance, but traditional finance actively incorporating blockchain technology into its own system. Two paths are advancing simultaneously and will eventually converge at some point. In the document's own words, this change is essentially no different in nature from the shift from par value to decimal pricing for securities and the initial approval of new securities like ETFs—both are technological upgrades to market infrastructure without altering the fundamental rules.
</blockquote>
<div class="lb-trans"><blockquote>
提议规则变更的生效日期和 SEC 行动的时间安排
纽约证券交易所已根据美国证券法第 19(b)(3)(A) 条和第 19b-4(f)(6) 条提交了提议的规则变更。
由于提议的规则变更 (i) 不会对投资者保护或公众利益产生实质性影响；(ii) 不会对竞争造成任何重大负担；并且 (iii) 在提交后 30 天生效（或 SEC 指定的更短时间），因此根据证券法第 19(b)(3)(A) 条和第 19b-4(f)(6) 条自动生效。这是区块链技术正式融入传统美国证券交易所主流交易基础设施的里程碑事件。背景：这是如何发生的？该文件的出现并非突然。整个政策路径清晰可见：第一步（2025 年 12 月 11 日）是美国证券交易委员会向存托信托公司（DTC）发出无行动函，授权 DTC 进行为期三年的代币化证券结算试点项目（“DTC 试点项目”）。第二步（2026 年 3 月）是纳斯达克向 SEC 申请并获得类似规则的批准，成为首个允许代币化证券交易的主要交易所。第三步（2026 年 5 月 1 日）是纽约证券交易所国家提交其自身的规则变更申请，该申请将在 SEC 于 5 月 12 日公告后自动生效。该规则变更的核心法律依据是 1934 年证券法第 19(b)(1) 条。纽约证券交易所国家新增了第 7.39 条规则，并修订了第 1.1、7.36、7.37 和 7.41 条规则，构建了代币化证券交易的完整框架。核心内容：该规则具体规定了什么？什么是 “代币化证券”？该文件明确将其定义为：代币化证券是使用分布式账本或区块链技术的证券数字表示，与 “传统证券”（同样是数字表示但不使用区块链）相对。它们本质上代表相同的资产，只是底层技术不同。哪些证券可以进行代币化交易？范围严格限于两种类型的资产：第一，罗素 1000 指数的成分股（美国市值前 1000 家公司）；第二，跟踪主要指数的 ETF。这两种类型的资产统称为 “DTC 合格证券”。代币化证券必须满足什么条件才能上市和交易？该文件设定了严格的等价要求：代币化证券必须与其对应的传统证券共享相同的 CUSIP 号码 和 交易代码；授予持有人完全相同的 权利（包括股权利益、分红权、投票权和清算分配权）；并且在市场上完全 可替代。如果代币化版本不满足这些条件，它将被视为独立证券，例如衍生品或存托凭证，而不是等价物。交易机制如何运作？操作过程相当简单。希望以代币化形式结算的 DTC 合格参与者在纽约证券交易所国家系统下单时选择 “代币化标志”，并提供区块链类型和数字钱包地址。交易所将在结算后将此偏好传达给 DTC，DTC 执行代币化结算。如果参与者不合格，证券不符合要求，或钱包与 DTC 试点项目不兼容，订单将自动以传统方式结算，不会出现错误或中断。哪些规则保持不变？这是该文件中最值得注意的部分——绝大多数现有规则保持 完全不变：所有订单类型和路由策略照常适用；代币化证券和传统证券在 同一订单簿 中以相同优先级匹配，代币化标志不影响订单优先级；结算仍为 T+1（次日结算）；费用表对代币化和传统交易 无差异；市场数据不区分这两种格式；FINRA 的市场监测覆盖代币化证券；明显错误和风险管理措施同样适用；代理投票分配过程基本保持不变。用文件的话来说，这一变化的理念是 “利用现有结构、参与者和规则”，而不是从头开始。有效机制和监管保障 由于这一规则变更被认为不会对投资者保护产生重大影响或对竞争施加实质性负担，因此根据证券交易法第 19(b)(3)(A) 条，在提交后 30 天自动生效，无需正式的 SEC 批准或投票。然而，SEC 保留在提交后 60 天内如认为必要可暂时暂停规则变更并启动正式批准或拒绝程序的权利。DTC 试点项目将持续三年，届时纽约证券交易所国家将重新评估是否续期或提交新的规则提案。结论：该文件的历史意义 该文件虽然看似高度技术化，但实际上具有深远的意义，可以从三个层面理解：对于华尔街：区块链技术正式进入主流美国证券交易的核心基础设施。罗素 1000 指数代表美国最大的上市公司，加上主要 ETF，这意味着市场上绝大多数交易量将以代币化形式结算。对于监管范式：美国 SEC 选择了一条 “不创建单独轨道” 的道路——代币化证券不享有任何豁免，不会创建平行市场结构，完全在现有国家市场体系的框架内运作。这与之前市场对 “监管套利” 的担忧完全相反，并为其他国家的监管机构提供了参考模型。对于加密与传统金融的融合：结合美国国会目前推动的《清晰法案》和之前通过的《天才法案》，该 SEC 文件代表了另一种融合方向——不是加密进入传统金融，而是传统金融积极将区块链技术纳入自身体系。两条路径同时推进，并最终将在某个时刻汇聚。用文件自己的话来说，这一变化本质上与证券从面值到十进制定价的转变以及 ETF 等新证券的初步批准没有本质区别——这两者都是对市场基础设施的技术升级，而不改变基本规则。
</blockquote>
</div>

A historic moment: NYSE officially takes effect, ushering in a new era of tokenized securities.

- 纽约证券交易所的代币化股票规则已于 5 月 12 日自动生效。  
- 此举将促使区块链技术进入传统证券交易系统。  
- 代币化证券范围限于罗素 1000 成分股和主要 ETF，确保与传统证券可替代。

历史性时刻：纽约证券交易所正式生效，开启了代币化证券的新纪元