<p>5 月 18 日，美國證券交易委員會（SEC）批准了紐約證券交易所（NYSE）的一項規則變更申請。這一監管批准在金融媒體中幾乎沒有引起討論，但可能是 Web3 資產進入主流資本市場的關鍵一步。如果你在過去兩年中關注過 RWA、Pre-IPO 代幣和基於區塊鏈的美國股票的相關敍述，以下內容值得認真閲讀。這項規則本身説了什麼？NYSE 修訂了 NYSE 上市公司手冊中的 703.12(II) 條款，其核心是增加了一種名為 “未來上市權” 的新工具。邏輯很簡單：基礎證券尚未正式上市，但只要它將在未來上市於 NYSE，並且 SEC 已宣佈相關注冊聲明生效，那麼 “未來認購該證券的權利” 本身可以先在 NYSE 上交易。同時，新規則還打破了一項舊限制：認購權不再僅限於現有股東，而可以提供給任何投資者。這聽起來像是對傳統金融工具的升級，與加密世界無關。但這正是問題所在。Pre-IPO 代幣的核心脆弱性在過去兩年中，“Pre-IPO” 已成為加密市場上最熱門的敍述之一。OpenAI、SpaceX、Anthropic、Stripe——眾多平台發行了與這些名稱對應的代幣，吸引了無數相信 “早期上車” 邏輯的投資者。然而，許多人並沒有意識到他們所購買的並不是這些公司的真實股權，而是平台、特殊目的載體（SPV）或發行者 “承諾給你的經濟敞口”。這些產品缺乏股東身份、投票權、分紅權、信息權以及對實際股份的直接控制。實質上，這些產品與基礎股票之間的唯一聯繫是對價格波動的參考——更像是差價合約（CFD）而非證券權利。當問題出現並嘗試尋求救濟時，往往很難甚至識別出責任方。然而，NYSE 的新規則卻恰恰相反：首先確認權利，首先確認註冊聲明，首先確認基礎證券將在 NYSE 上市，然後才允許這一 “未來認購權” 在交易所上市。這就是合規的 Pre-IPO 應有的樣子——平台的可信度由交易所規則和證券法支撐。行業正在進入 “第二階段”。回顧 RWA 和資產代幣化的發展，有明確的階段劃分：第一階段：資產鏈上映射。該階段將債券、股票、基金份額和未上市股權映射為代幣，解決了 “鏈上持有性” 的問題。該階段建立了基本的技術框架和市場認知，穩定幣、美國國債代幣以及一些基於股權的產品是首批成功實施該技術的產品。第二階段：鏈上權利與代幣對應的權利是什麼，這些權利如何被法律認可、轉讓和行使？這才是真正的挑戰，真正的障礙。這個問題尚未完全解決，但監管框架的方向是明確的。NYSE 最近的修訂，加上 OCC 發放銀行許可證、GENIUS 法案的進展，以及 SEC 在過去 12 個月中對代幣化證券的態度軟化，都指向同一趨勢：傳統資本市場的基礎設施正在逐漸向數字資產延伸。這項規則本身並未提及區塊鏈或代幣。然而，它所建立的邏輯——允許 “未來權利” 獨立註冊、交易和追責——恰好解決了 RWA 和美國股票下一階段區塊鏈採用在傳統法律框架內需要解決的核心問題。這不是規則的直接結論，而是它們指向的方向。第一階段打開了想象的空間。第二階段則提出了更嚴峻的挑戰和更高的准入門檻。誰將第一個走過這扇門？新規對幾類市場參與者有最直接的影響：Circle，一家合規的加密公司，旨在進行美國上市，已提交其 IPO 申請，Kraken、Chainalysis 等機構也打算上市。“前瞻性上市權” 提供了比傳統 IPO 更靈活的融資窗口。尋求從機構投資者那裏籌集資金的數字資產發行者可以利用新的認購權作為合規的法律工具，在觸發正式上市之前，在 SEC 註冊框架內完成資金募集。一些已經持有大量數字資產的傳統機構在資產代幣化進入權利層後，將有更清晰的法律依據來合規持有和處置鏈上資產。然而，這條路徑並未消除障礙。新規要求在行使權利後進行 SEC 註冊；監管審查無法跳過。這是在框架內新開闢的正式渠道，而不是捷徑。在過去兩年中，每一項監管框架的實施都是機構資金真正進入市場的前提。在比特幣 ETF 獲批後的 12 個月內，機構持有量增長了四倍。Circle 的 IPO 進程在 OCC 許可證發放後顯著加快。NYSE 正在解決合規融資渠道的問題。如何真正將權利放在區塊鏈上，以及股東權利如何能夠完全在鏈上轉移，是行業尚未回答的下一個問題。但方向是明確的：誰能首先完成這一基礎設施，誰將站在下一輪機構資金的入口處。</p>

MARA

GBTC

<p>美國證券交易委員會（SEC）已批准紐約證券交易所（NYSE）對規則 703.12 的修訂，引入 “未來上市權利”，允許在正式上市之前交易未來的認購權。這一變化旨在促進 Web3 資產進入主流市場，解決與首次公開募股（Pre-IPO）代幣相關的問題，確保在交易之前確認權利。這些新規則標誌着向將數字資產融入傳統資本市場的轉變，為數字資產發行者和機構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，美國證券交易委員會（SEC）批准了紐約證券交易所（NYSE）的一項規則變更申請。這一監管批准在金融媒體中幾乎沒有引起討論，但可能是 Web3 資產進入主流資本市場的關鍵一步。如果你在過去兩年中關注過 RWA、Pre-IPO 代幣和基於區塊鏈的美國股票的相關敍述，以下內容值得認真閲讀。這項規則本身説了什麼？NYSE 修訂了 NYSE 上市公司手冊中的 703.12(II) 條款，其核心是增加了一種名為 “未來上市權” 的新工具。邏輯很簡單：基礎證券尚未正式上市，但只要它將在未來上市於 NYSE，並且 SEC 已宣佈相關注冊聲明生效，那麼 “未來認購該證券的權利” 本身可以先在 NYSE 上交易。同時，新規則還打破了一項舊限制：認購權不再僅限於現有股東，而可以提供給任何投資者。這聽起來像是對傳統金融工具的升級，與加密世界無關。但這正是問題所在。Pre-IPO 代幣的核心脆弱性在過去兩年中，“Pre-IPO” 已成為加密市場上最熱門的敍述之一。OpenAI、SpaceX、Anthropic、Stripe——眾多平台發行了與這些名稱對應的代幣，吸引了無數相信 “早期上車” 邏輯的投資者。然而，許多人並沒有意識到他們所購買的並不是這些公司的真實股權，而是平台、特殊目的載體（SPV）或發行者 “承諾給你的經濟敞口”。這些產品缺乏股東身份、投票權、分紅權、信息權以及對實際股份的直接控制。實質上，這些產品與基礎股票之間的唯一聯繫是對價格波動的參考——更像是差價合約（CFD）而非證券權利。當問題出現並嘗試尋求救濟時，往往很難甚至識別出責任方。然而，NYSE 的新規則卻恰恰相反：首先確認權利，首先確認註冊聲明，首先確認基礎證券將在 NYSE 上市，然後才允許這一 “未來認購權” 在交易所上市。這就是合規的 Pre-IPO 應有的樣子——平台的可信度由交易所規則和證券法支撐。行業正在進入 “第二階段”。回顧 RWA 和資產代幣化的發展，有明確的階段劃分：第一階段：資產鏈上映射。該階段將債券、股票、基金份額和未上市股權映射為代幣，解決了 “鏈上持有性” 的問題。該階段建立了基本的技術框架和市場認知，穩定幣、美國國債代幣以及一些基於股權的產品是首批成功實施該技術的產品。第二階段：鏈上權利與代幣對應的權利是什麼，這些權利如何被法律認可、轉讓和行使？這才是真正的挑戰，真正的障礙。這個問題尚未完全解決，但監管框架的方向是明確的。NYSE 最近的修訂，加上 OCC 發放銀行許可證、GENIUS 法案的進展，以及 SEC 在過去 12 個月中對代幣化證券的態度軟化，都指向同一趨勢：傳統資本市場的基礎設施正在逐漸向數字資產延伸。這項規則本身並未提及區塊鏈或代幣。然而，它所建立的邏輯——允許 “未來權利” 獨立註冊、交易和追責——恰好解決了 RWA 和美國股票下一階段區塊鏈採用在傳統法律框架內需要解決的核心問題。這不是規則的直接結論，而是它們指向的方向。第一階段打開了想象的空間。第二階段則提出了更嚴峻的挑戰和更高的准入門檻。誰將第一個走過這扇門？新規對幾類市場參與者有最直接的影響：Circle，一家合規的加密公司，旨在進行美國上市，已提交其 IPO 申請，Kraken、Chainalysis 等機構也打算上市。“前瞻性上市權” 提供了比傳統 IPO 更靈活的融資窗口。尋求從機構投資者那裏籌集資金的數字資產發行者可以利用新的認購權作為合規的法律工具，在觸發正式上市之前，在 SEC 註冊框架內完成資金募集。一些已經持有大量數字資產的傳統機構在資產代幣化進入權利層後，將有更清晰的法律依據來合規持有和處置鏈上資產。然而，這條路徑並未消除障礙。新規要求在行使權利後進行 SEC 註冊；監管審查無法跳過。這是在框架內新開闢的正式渠道，而不是捷徑。在過去兩年中，每一項監管框架的實施都是機構資金真正進入市場的前提。在比特幣 ETF 獲批後的 12 個月內，機構持有量增長了四倍。Circle 的 IPO 進程在 OCC 許可證發放後顯著加快。NYSE 正在解決合規融資渠道的問題。如何真正將權利放在區塊鏈上，以及股東權利如何能夠完全在鏈上轉移，是行業尚未回答的下一個問題。但方向是明確的：誰能首先完成這一基礎設施，誰將站在下一輪機構資金的入口處。</p>
</div>

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

- 美國證券交易委員會（SEC）批准了紐約證券交易所（NYSE）的規則變更申請。  
- 新增的 “未來上市權” 工具允許尚未上市的證券的訂閲權在 NYSE 交易。  
- 該規則對數字資產行業的合規融資渠道發展具有重要影響。

CoinLive

Hut 8 Mining

Marathon Digital

Grayscale Bitcoin Trust BTC - ETF

Galaxy Digital

Coinbase

Riot Platforms

洲際交易所

Invesco Galaxy Bitcoin ETF

VanEck Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

Franklin Ethereum ETF

Fidelity Wise Origin Bitcoin Fund - ETF

納斯達克 NexGen 經濟 ETF - Reality Shares

Indxx 創新交易及處理 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 倍做多加密貨幣行業 ETF - Direxion

Bitwise Bitcoin ETF

IShares Ethereum Trust ETF

區塊鏈 ETF - Amplify

Circle

紐約證券交易所的新規則揭示了下一個答案：區塊鏈上不應該只有價格