X账号：SEC应为证券代币化提供支持DeFi交易的监管路径

内容摘要

X账号 @milesjennings 认为，SEC的创新豁免对发行人缺乏足够激励，并主张支持通过DeFi系统进行无需许可的证券交易。

正文

这并不令人意外。发行人同意根据SEC的创新豁免将其股票代币化的激励很弱——他们或许能获得24/7交易，但该交易发生在美国交易场所，而不是新的全球市场，因此不会带来净新增需求。

但发行人的反对不会阻止这列列车。将证券带到链上有许多不需要同意、且不受SEC管辖的法律路径。甚至有人可以构建一个做到这一点的无需许可协议。

因此，如果SEC希望维持对美国证券市场的监管，就需要为代币化制定一种方案，使其能够提供链上市场的全部好处——原子结算、24/7交易、全球流动性等。

通过DeFi系统支持证券的无需许可交易将实现这一目标，并将创造创新豁免所缺乏的发行人激励。

https://t.co/zZGn9bg3F3

事实要点

This isn't surprising. The incentive for issuers to consent to tokenization of their stock under the SEC's Innovation Exemption are weak –– they may get 24/7 trading, but that trading occurs on US venues rather than in new global markets, so there's no net new demand.
But issuer objections aren't going to stop this train. There are many legal pathways to bring securities onchain that don't require consent and that aren't subject to the SEC's jurisdiction. Someone could even build a permissionless protocol that does so.
So, if the SEC wants to maintain oversight of US securities markets, it needs to create an approach for tokenization that delivers the full benefits of onchain markets –– atomic settlement, 24/7 trading, global liquidity, etc.
Supporting permissionless trading of securities through DeFi systems would accomplish that goal, and doing so would create the incentives for issuers that the innovation exemption lacks.
https://t.co/zZGn9bg3F3

以下为辅助分析，与已报道事实分开展示；重要信息请进一步核实。

美股：若SEC未来采纳更支持链上证券交易的框架，可能改变美股代币化的交易与结算模式；目前仅为个人政策观点。DeFi：帖文主张允许DeFi承载无需许可的证券交易；若政策转向支持，相关应用场景可能扩大。概念说明：流动性描述资产能否在较小价格冲击下成交，交易量本身不能说明全部成交深度。

该帖为@milesjennings对SEC证券代币化政策的观点与建议，未提供监管机构的正式行动或独立证据。

关注对象：美股。观察周期：中长期。关注对象：DeFi。观察周期：中长期