With the rapid development of blockchain technology, the tokenized stock market is expanding at an unprecedented pace, attracting widespread attention from global regulatory agencies and industry organizations. Recently, the World Federation of Exchanges (WFE) sent a letter to securities regulators expressing concerns about blockchain-based tokenized stocks and urging regulators to strengthen oversight of this emerging field to protect investors and maintain market stability.

The Rise of Tokenized Stocks and Regulatory Challenges

Tokenized stocks refer to the digitization of traditional stocks through blockchain technology, allowing them to be traded in token form on digital platforms. This new asset class is rapidly gaining popularity worldwide. According to CoinGecko, since the beginning of 2024, the market for real-world asset (RWA) tokenized stocks has grown by nearly 300%, with an added market value of over $8.6 million. Investment platform Robinhood launched tokenized U.S. stocks and ETFs in June, while centralized exchanges like Kraken have also begun offering similar services. Even Coinbase plans to tokenize its $COIN stock, demonstrating the active participation of industry giants in this trend.

However, the rapid development of tokenized stocks has also brought new challenges. The WFE warns that if token issuance fails, the issuing institutions may face "reputational damage." Additionally, the WFE calls on regulators to clarify the legal framework for ownership and custody of tokenized stocks and to prevent these products from being improperly marketed as equivalents to traditional stocks. The WFE did not specifically name the brokers or trading platforms involved, but its concerns reflect the industry's general apprehension about the potential risks of tokenized stocks.

Regulatory Agencies' Position: Tokenized Securities are Still Securities

The U.S. Securities and Exchange Commission (SEC) has a clear stance on the regulation of tokenized stocks. In July 2025, SEC Republican Commissioner Hester Peirce, nicknamed "Crypto Mom" for her open attitude towards cryptocurrencies, stated that the essence of tokenized securities has not changed, regardless of whether they are based on blockchain technology. She emphasized, "While blockchain technology is powerful, it does not have the magical ability to change the nature of the underlying asset. Tokenized securities are still securities." This means that tokenized stocks must comply with existing securities regulations to ensure transaction transparency and investor protection.

The Value and Limitations of Tokenized Stocks

Despite the rapid growth of the tokenized stock market, industry insiders have differing views on its intrinsic value. Kevin Rusher, co-founder of RAAC, pointed out that simply tokenizing stocks provides little additional intrinsic value beyond offering a digital representation. However, the emergence of tokenized stocks is changing the perception and utilization of traditional assets in the digital economy, providing investors with greater liquidity and a more convenient trading experience. The increasing institutional participation also indicates that tokenized stocks are gradually becoming an important component of the financial market.

Future Outlook

The rapid development of tokenized stocks presents innovative opportunities for the financial industry while also imposing new demands on the regulatory framework. The WFE's call indicates that global regulatory agencies need to accelerate the establishment of clear rules to balance innovation and risk. In the future, as blockchain technology matures further and the regulatory environment improves, tokenized stocks are expected to play a more significant role in the digital economy. However, ensuring market stability and protecting investor rights while promoting innovation remains a challenge that regulatory agencies and industry participants must face together.

In summary, the rise of tokenized stocks marks a deep integration of traditional finance and blockchain technology. Although the market prospects are broad, sustainable development in this emerging field can only be achieved under a clear regulatory framework and robust risk management.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。