<p>5 月 18 日，美国证券交易委员会（SEC）批准了纽约证券交易所（NYSE）的一项规则变更申请。这一监管批准在金融媒体中几乎没有引起讨论，但可能是 Web3 资产进入主流资本市场的关键一步。如果你在过去两年中关注过 RWA、Pre-IPO 代币和基于区块链的美国股票的相关叙述，以下内容值得认真阅读。这项规则本身说了什么？NYSE 修订了 NYSE 上市公司手册中的 703.12(II) 条款，其核心是增加了一种名为 “未来上市权” 的新工具。逻辑很简单：基础证券尚未正式上市，但只要它将在未来上市于 NYSE，并且 SEC 已宣布相关注册声明生效，那么 “未来认购该证券的权利” 本身可以先在 NYSE 上交易。同时，新规则还打破了一项旧限制：认购权不再仅限于现有股东，而可以提供给任何投资者。这听起来像是对传统金融工具的升级，与加密世界无关。但这正是问题所在。Pre-IPO 代币的核心脆弱性在过去两年中，“Pre-IPO” 已成为加密市场上最热门的叙述之一。OpenAI、SpaceX、Anthropic、Stripe——众多平台发行了与这些名称对应的代币，吸引了无数相信 “早期上车” 逻辑的投资者。然而，许多人并没有意识到他们所购买的并不是这些公司的真实股权，而是平台、特殊目的载体（SPV）或发行者 “承诺给你的经济敞口”。这些产品缺乏股东身份、投票权、分红权、信息权以及对实际股份的直接控制。实质上，这些产品与基础股票之间的唯一联系是对价格波动的参考——更像是差价合约（CFD）而非证券权利。当问题出现并尝试寻求救济时，往往很难甚至识别出责任方。然而，NYSE 的新规则却恰恰相反：首先确认权利，首先确认注册声明，首先确认基础证券将在 NYSE 上市，然后才允许这一 “未来认购权” 在交易所上市。这就是合规的 Pre-IPO 应有的样子——平台的可信度由交易所规则和证券法支撑。行业正在进入 “第二阶段”。回顾 RWA 和资产代币化的发展，有明确的阶段划分：第一阶段：资产链上映射。该阶段将债券、股票、基金份额和未上市股权映射为代币，解决了 “链上持有性” 的问题。该阶段建立了基本的技术框架和市场认知，稳定币、美国国债代币以及一些基于股权的产品是首批成功实施该技术的产品。第二阶段：链上权利与代币对应的权利是什么，这些权利如何被法律认可、转让和行使？这才是真正的挑战，真正的障碍。这个问题尚未完全解决，但监管框架的方向是明确的。NYSE 最近的修订，加上 OCC 发放银行许可证、GENIUS 法案的进展，以及 SEC 在过去 12 个月中对代币化证券的态度软化，都指向同一趋势：传统资本市场的基础设施正在逐渐向数字资产延伸。这项规则本身并未提及区块链或代币。然而，它所建立的逻辑——允许 “未来权利” 独立注册、交易和追责——恰好解决了 RWA 和美国股票下一阶段区块链采用在传统法律框架内需要解决的核心问题。这不是规则的直接结论，而是它们指向的方向。第一阶段打开了想象的空间。第二阶段则提出了更严峻的挑战和更高的准入门槛。谁将第一个走过这扇门？新规对几类市场参与者有最直接的影响：Circle，一家合规的加密公司，旨在进行美国上市，已提交其 IPO 申请，Kraken、Chainalysis 等机构也打算上市。“前瞻性上市权” 提供了比传统 IPO 更灵活的融资窗口。寻求从机构投资者那里筹集资金的数字资产发行者可以利用新的认购权作为合规的法律工具，在触发正式上市之前，在 SEC 注册框架内完成资金募集。一些已经持有大量数字资产的传统机构在资产代币化进入权利层后，将有更清晰的法律依据来合规持有和处置链上资产。然而，这条路径并未消除障碍。新规要求在行使权利后进行 SEC 注册；监管审查无法跳过。这是在框架内新开辟的正式渠道，而不是捷径。在过去两年中，每一项监管框架的实施都是机构资金真正进入市场的前提。在比特币 ETF 获批后的 12 个月内，机构持有量增长了四倍。Circle 的 IPO 进程在 OCC 许可证发放后显著加快。NYSE 正在解决合规融资渠道的问题。如何真正将权利放在区块链上，以及股东权利如何能够完全在链上转移，是行业尚未回答的下一个问题。但方向是明确的：谁能首先完成这一基础设施，谁将站在下一轮机构资金的入口处。</p>

MARA

GBTC

<p>美国证券交易委员会（SEC）已批准纽约证券交易所（NYSE）对规则 703.12 的修订，引入 “未来上市权利”，允许在正式上市之前交易未来的认购权。这一变化旨在促进 Web3 资产进入主流市场，解决与首次公开募股（Pre-IPO）代币相关的问题，确保在交易之前确认权利。这些新规则标志着向将数字资产融入传统资本市场的转变，为数字资产发行者和机构提供了更清晰的法律框架</p>

<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 class="lb-trans"><p>5 月 18 日，美国证券交易委员会（SEC）批准了纽约证券交易所（NYSE）的一项规则变更申请。这一监管批准在金融媒体中几乎没有引起讨论，但可能是 Web3 资产进入主流资本市场的关键一步。如果你在过去两年中关注过 RWA、Pre-IPO 代币和基于区块链的美国股票的相关叙述，以下内容值得认真阅读。这项规则本身说了什么？NYSE 修订了 NYSE 上市公司手册中的 703.12(II) 条款，其核心是增加了一种名为 “未来上市权” 的新工具。逻辑很简单：基础证券尚未正式上市，但只要它将在未来上市于 NYSE，并且 SEC 已宣布相关注册声明生效，那么 “未来认购该证券的权利” 本身可以先在 NYSE 上交易。同时，新规则还打破了一项旧限制：认购权不再仅限于现有股东，而可以提供给任何投资者。这听起来像是对传统金融工具的升级，与加密世界无关。但这正是问题所在。Pre-IPO 代币的核心脆弱性在过去两年中，“Pre-IPO” 已成为加密市场上最热门的叙述之一。OpenAI、SpaceX、Anthropic、Stripe——众多平台发行了与这些名称对应的代币，吸引了无数相信 “早期上车” 逻辑的投资者。然而，许多人并没有意识到他们所购买的并不是这些公司的真实股权，而是平台、特殊目的载体（SPV）或发行者 “承诺给你的经济敞口”。这些产品缺乏股东身份、投票权、分红权、信息权以及对实际股份的直接控制。实质上，这些产品与基础股票之间的唯一联系是对价格波动的参考——更像是差价合约（CFD）而非证券权利。当问题出现并尝试寻求救济时，往往很难甚至识别出责任方。然而，NYSE 的新规则却恰恰相反：首先确认权利，首先确认注册声明，首先确认基础证券将在 NYSE 上市，然后才允许这一 “未来认购权” 在交易所上市。这就是合规的 Pre-IPO 应有的样子——平台的可信度由交易所规则和证券法支撑。行业正在进入 “第二阶段”。回顾 RWA 和资产代币化的发展，有明确的阶段划分：第一阶段：资产链上映射。该阶段将债券、股票、基金份额和未上市股权映射为代币，解决了 “链上持有性” 的问题。该阶段建立了基本的技术框架和市场认知，稳定币、美国国债代币以及一些基于股权的产品是首批成功实施该技术的产品。第二阶段：链上权利与代币对应的权利是什么，这些权利如何被法律认可、转让和行使？这才是真正的挑战，真正的障碍。这个问题尚未完全解决，但监管框架的方向是明确的。NYSE 最近的修订，加上 OCC 发放银行许可证、GENIUS 法案的进展，以及 SEC 在过去 12 个月中对代币化证券的态度软化，都指向同一趋势：传统资本市场的基础设施正在逐渐向数字资产延伸。这项规则本身并未提及区块链或代币。然而，它所建立的逻辑——允许 “未来权利” 独立注册、交易和追责——恰好解决了 RWA 和美国股票下一阶段区块链采用在传统法律框架内需要解决的核心问题。这不是规则的直接结论，而是它们指向的方向。第一阶段打开了想象的空间。第二阶段则提出了更严峻的挑战和更高的准入门槛。谁将第一个走过这扇门？新规对几类市场参与者有最直接的影响：Circle，一家合规的加密公司，旨在进行美国上市，已提交其 IPO 申请，Kraken、Chainalysis 等机构也打算上市。“前瞻性上市权” 提供了比传统 IPO 更灵活的融资窗口。寻求从机构投资者那里筹集资金的数字资产发行者可以利用新的认购权作为合规的法律工具，在触发正式上市之前，在 SEC 注册框架内完成资金募集。一些已经持有大量数字资产的传统机构在资产代币化进入权利层后，将有更清晰的法律依据来合规持有和处置链上资产。然而，这条路径并未消除障碍。新规要求在行使权利后进行 SEC 注册；监管审查无法跳过。这是在框架内新开辟的正式渠道，而不是捷径。在过去两年中，每一项监管框架的实施都是机构资金真正进入市场的前提。在比特币 ETF 获批后的 12 个月内，机构持有量增长了四倍。Circle 的 IPO 进程在 OCC 许可证发放后显著加快。NYSE 正在解决合规融资渠道的问题。如何真正将权利放在区块链上，以及股东权利如何能够完全在链上转移，是行业尚未回答的下一个问题。但方向是明确的：谁能首先完成这一基础设施，谁将站在下一轮机构资金的入口处。</p>
</div>

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

- 美国证券交易委员会（SEC）批准了纽约证券交易所（NYSE）的规则变更申请。  
- 新增的 “未来上市权” 工具允许尚未上市的证券的订阅权在 NYSE 交易。  
- 该规则对数字资产行业的合规融资渠道发展具有重要影响。

CoinLive

Hut 8 Mining

Marathon Digital

Grayscale Bitcoin Trust BTC - ETF

Galaxy Digital

Coinbase

Riot Platforms

洲际交易所

Invesco Galaxy Bitcoin ETF

VanEck Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

Franklin Ethereum ETF

Fidelity Wise Origin Bitcoin Fund - ETF

纳斯达克 NexGen 经济 ETF - Reality Shares

Indxx 创新交易及处理 ETF - First Trust

Fidelity Ethereum Fund

Grayscale Ethereum Mini Staking ETF

VanEck Ethereum ETF

Bitwise Crypto Innovators ETF

Invesco Galaxy Ethereum ETF

iShares Bitcoin Trust ETF

Global X Blockchain ETF

Bitwise Ethereum ETF

ProShares Bitcoin Strategy ETF

Proshares Ether Strategy ETF

21Shares Ethereum ETF

CoinShares Bitcoin ETF

WisdomTree Bitcoin Fund

2 倍做多加密货币行业 ETF - Direxion

Bitwise Bitcoin ETF

IShares Ethereum Trust ETF

区块链 ETF - Amplify

Circle

纽约证券交易所的新规则揭示了下一个答案：区块链上不应该只有价格