On September 17, the U.S. Securities and Exchange Commission (SEC) issued an "Innovative Exemption" regulation, officially opening a door for the trading of stock tokens.

The main details of this regulation are as follows:

• Platforms/exchanges trading stock tokens that rely on blockchain technology and AMM mechanisms are temporarily not considered exchanges regulated by the SEC. Liquidity providers (LP) providing liquidity for these trading platforms are also not considered market makers under certain conditions.

• The trading of stock tokens must occur in permissioned AMM liquidity pools.

• Stock tokens must have the rights of actual stocks (including voting rights, dividend rights, etc.), rather than being tokens that are derivatives or synthetic representations of stock prices.

• There are restrictions on the types and volume of stock tokens.

• Prior to the issuance of stock tokens, if the stock issuer opposes the issuance of the stock tokens within 30 days, the issuance of the stock tokens will be invalid or cannot be traded on the platform; if there is no response, the stock tokens can be officially issued and traded after 30 days.

• The smart contracts for stock tokens must be public, auditable, and deployed on a public, permissionless ledger (blockchain).

• During trading hours, if the underlying stock represented by the stock token is halted on the exchange, the trading of the stock token must also be halted.

• This regulation will be temporarily implemented for five years, after which it will be re-evaluated.

Overall, this regulation is an attempt to balance the interests of traditional brokers while also granting significant freedom to the crypto ecosystem.

The provision in the regulation that gives stock issuers a veto power and the stipulation about the trading time of stock tokens are clearly intended to protect existing group interests as much as possible while promoting the development of the crypto ecosystem.

Additionally, the conditions required by the crypto ecosystem have generally been met.

What I appreciate most is the regulation's requirement that stock tokens must be traded on permissionless public blockchains, as this is the most basic and valuable source of vitality for the crypto ecosystem, and it is also the eternal spiritual homeland of the crypto ecosystem.

Moreover, the regulation's provisions regarding the rights of stock tokens are also quite thoughtful. I have previously mentioned in articles that the vast majority of so-called stock tokens do not possess the complete rights of stocks, and such stock tokens carry risks.

If trading of such stock tokens is allowed to proliferate, it may become a major hazard in the future.

The regulation has closed this loophole, protecting investors' rights on one hand while eliminating a risk on the other.

An interesting point about this regulation is that currently, the DEX that can trade stock tokens under this regulation is Uniswap's V4. So as soon as the regulation was announced, UNI experienced a price surge.

I believe that after this regulation is announced, regardless of how the coin-stock trading sector evolves in the future, whether optimistically or pessimistically, traditional institutions with keen acuity will not stand by but will enter this sector to test the waters in the upcoming period.

Although the trial period stipulated by the regulation is five years, once this door is opened, it cannot be closed again. Even if it is not a Republican administration in five years, future regulatory bodies will only be able to make amendments within this framework, and they will have to negotiate with the vested interests that formed by then (mainly industries derived from coin-stock trading), making it unlikely to return to the previous strict era.

Next, how this sector will evolve will be revealed with time.

A very important and noteworthy indicator will be the trading volume and capital scale of coin-stock trading across various platforms in the future. If these two indicators experience rapid growth, this sector may indeed take shape; otherwise, it will again be a pseudo-demand inflated by imagination.

Although I prefer the native business scenarios of the crypto ecosystem, I still hope that this sector can ultimately take shape, becoming a new scene that accommodates a vast amount of capital and resources in the crypto ecosystem.

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。