Viewpoint: The SEC plans to allow third-party tokenized stocks, which may lead to dual fragmentation of liquidity and revenue for traditional exchanges
By: rootdata|2026/05/23 04:45:01
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اشتراکگذاری
رایان یون، مدیر تحقیقات Tiger Research اظهار داشت که کمیسیون بورس و اوراق بهادار آمریکا (SEC) در حال آمادهسازی چارچوبی برای «معافیت نوآوری» است که به اشخاص ثالث اجازه میدهد سهام بورسی را بدون تأیید صادرکننده، توکنیزه کنند.
رایان یون هشدار داد که این اقدام میتواند دو شوک ساختاری بزرگ به صرافیهای سنتی وارد کند: نخست، تکهتکه شدن نقدینگی، زیرا سرمایهها از صرافیهای متمرکز به سمت پلتفرمهای بلاکچین متعدد پراکنده خواهند شد؛ دوم، تکهتکه شدن درآمد، زیرا کارمزدهای معاملاتی و درآمدهای واسطهگری ممکن است به سمت پلتفرمهای خارجی یا رقیب سرازیر شود که این امر رقابتپذیری بازارهای مالی آمریکا را تهدید میکند.
او معتقد است که صرافیهای سنتی مانند فروشگاههای بزرگ انحصاری هستند، در حالی که سهام توکنیزه شده مانند این است که به هر کسی اجازه داده شود یک بساط خیابانی راه بیندازد، که این امر تمرکز بازارهای سرمایه را به طور قابل توجهی تغییر خواهد داد. SEC در حال حاضر این چارچوب را پیش میبرد تا درآمدهای مالی جهانی را در محدوده نظارتی داخلی حفظ کند.
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