<p>美國監管機構證券交易委員會（SEC）重申，代幣化證券仍然屬於證券，並受聯邦證券法的管轄。</p>
<p>在最近的一份聲明中，監管機構澄清，無論股票是鏈外發行還是鏈上發行，都必須遵守相關法律。</p>
<blockquote>
<p>“無論其格式如何，《證券法》要求每一項證券的發行和銷售都必須向委員會註冊，除非有註冊豁免可用。”</p>
</blockquote>
<p>該指導進一步重申，</p>
<blockquote>
<p>“同樣，股票在《證券法》和《交易法》下都是 ‘股權證券’，無論其格式如何。”</p>
</blockquote>
<p>根據監管機構的説法，代幣化股票分為兩類。第一類是發行人贊助的，轉移權利和保護給持有者；第二類是第三方贊助的鏈上股票，提供不同的所有權權利和保護。</p>
<p>代幣化證券的發行商之一 Securitize 歡迎這一舉措，表示這對 ‘擴大’ 該行業至關重要。</p>
<blockquote>
<p>“像這樣的清晰框架是負責任地擴大代幣化的關鍵。”</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>來源：X</p>
<h2><strong>華爾街反對 DeFi 豁免</strong></h2>
<p>該聲明是在監管機構與華爾街公司就如何在當前法律框架下處理代幣化證券進行的最近會議後發佈的。</p>
<p>根據 SEC 的備忘錄，來自 Citadel、摩根大通、Cahill Gordon &amp; Reindel、證券行業和金融市場協會（SIFMA）的代表反對對鏈上股票的廣泛豁免。</p>
<p>引用十月的閃電崩盤和 Stream Finance 的崩潰，傳統金融集團警告，</p>
<blockquote>
<p>“對代幣化交易活動的廣泛豁免可能會削弱投資者保護，並導致市場混亂。”</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>來源：SEC/SIFMA</p>
<p>事實上，在一封十二月的信中，Citadel Securities 呼籲對處理代幣化證券的 DeFi 平台進行類似的監管，像對待傳統同行一樣。</p>
<p>DeFi 行業一直在推動法律豁免，聲稱他們的平台是去中介化的，以證明法律責任。</p>
<p>在最近的一次會議上，SIFMA 及其傳統金融成員推動對代幣化證券進行新的分類，以便更有效的監管。</p>
<p>最新的 SEC 聲明反映了他們提出的一些擔憂。然而，它並沒有涉及更廣泛的 DeFi 操作。這一遺漏可能是因為與代幣化證券相關的問題仍在 CLARITY 法案中討論。</p>
<h2><strong>代幣化股票瞄準 10 億美元</strong></h2>
<p>儘管如此，集體 DeFi 參與者稱 Citadel Securities 的推動和論點為 ‘無根據’ 和 ‘有缺陷’。</p>
<p>該行業可能會在法案中倡導某種形式的 DeFi 豁免。最終代幣化證券的框架是否會在這兩個陣營之間達成妥協尚待觀察。</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>來源：RWA</p>
<p>該行業獲得了強勁的關注，代幣化證券持有者接近 30 萬用户，僅在一月份就增長了 100%。此外，鏈上股票的總交易價值接近 10 億美元。</p>
<hr/>
<h2>最終思考</h2>
<ul>
<li><em>美國 SEC 澄清代幣化證券仍然受現行聯邦證券法的管轄</em></li>
<li><em>華爾街反對在代幣化證券交易中廣泛的 DeFi 豁免。</em></li>
</ul>

摩根大通

<p>美國證券交易委員會（SEC）重申，代幣化股票受現有聯邦證券法的約束，除非獲得豁免，否則需要註冊以進行發行和銷售。該指導將代幣化股票分為發行人贊助和第三方贊助兩種類型。Securitize 對這一明確性表示支持，以促進該行業的擴展。華爾街公司，包括 Citadel 和摩根大通，反對廣泛的去中心化金融（DeFi）豁免，理由是投資者保護的擔憂。SEC 的聲明反映了這些擔憂，但並未涉及更廣泛的 DeFi 操作。代幣化證券行業正在增長，交易價值接近 10 億美元，用户達到 30 萬</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>美國監管機構證券交易委員會（SEC）重申，代幣化證券仍然屬於證券，並受聯邦證券法的管轄。</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>在最近的一份聲明中，監管機構澄清，無論股票是鏈外發行還是鏈上發行，都必須遵守相關法律。</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>“無論其格式如何，《證券法》要求每一項證券的發行和銷售都必須向委員會註冊，除非有註冊豁免可用。”</p>
</blockquote>
</div><p>The guidance further reiterated,</p>
<div class="lb-trans"><p>該指導進一步重申，</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>“同樣，股票在《證券法》和《交易法》下都是 ‘股權證券’，無論其格式如何。”</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>根據監管機構的説法，代幣化股票分為兩類。第一類是發行人贊助的，轉移權利和保護給持有者；第二類是第三方贊助的鏈上股票，提供不同的所有權權利和保護。</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>代幣化證券的發行商之一 Securitize 歡迎這一舉措，表示這對 ‘擴大’ 該行業至關重要。</p>
</div><blockquote>
<p>“Clear frameworks like this are key to responsibly scaling tokenization.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“像這樣的清晰框架是負責任地擴大代幣化的關鍵。”</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>來源：X</p>
</div><h2><strong>Wall Street opposes DeFi exemptions</strong></h2>
<div class="lb-trans"><h2><strong>華爾街反對 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>該聲明是在監管機構與華爾街公司就如何在當前法律框架下處理代幣化證券進行的最近會議後發佈的。</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>根據 SEC 的備忘錄，來自 Citadel、摩根大通、Cahill Gordon &amp; Reindel、證券行業和金融市場協會（SIFMA）的代表反對對鏈上股票的廣泛豁免。</p>
</div><p>Referencing the October flash crash and Stream Finance collapse, the TradFi group warned,</p>
<div class="lb-trans"><p>引用十月的閃電崩盤和 Stream Finance 的崩潰，傳統金融集團警告，</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>“對代幣化交易活動的廣泛豁免可能會削弱投資者保護，並導致市場混亂。”</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>來源：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>事實上，在一封十二月的信中，Citadel Securities 呼籲對處理代幣化證券的 DeFi 平台進行類似的監管，像對待傳統同行一樣。</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 行業一直在推動法律豁免，聲稱他們的平台是去中介化的，以證明法律責任。</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>在最近的一次會議上，SIFMA 及其傳統金融成員推動對代幣化證券進行新的分類，以便更有效的監管。</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 聲明反映了他們提出的一些擔憂。然而，它並沒有涉及更廣泛的 DeFi 操作。這一遺漏可能是因為與代幣化證券相關的問題仍在 CLARITY 法案中討論。</p>
</div><h2><strong>Tokenized stocks eye $1 billion</strong></h2>
<div class="lb-trans"><h2><strong>代幣化股票瞄準 10 億美元</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>儘管如此，集體 DeFi 參與者稱 Citadel Securities 的推動和論點為 ‘無根據’ 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>該行業可能會在法案中倡導某種形式的 DeFi 豁免。最終代幣化證券的框架是否會在這兩個陣營之間達成妥協尚待觀察。</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>來源：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>該行業獲得了強勁的關注，代幣化證券持有者接近 30 萬用户，僅在一月份就增長了 100%。此外，鏈上股票的總交易價值接近 10 億美元。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最終思考</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>美國 SEC 澄清代幣化證券仍然受現行聯邦證券法的管轄</em></li>
<li><em>華爾街反對在代幣化證券交易中廣泛的 DeFi 豁免。</em></li>
</ul>
</div>

美國證券交易委員會重申，代幣化股票必須遵循現有的證券法律規定