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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Dyrektor ds. badań w Tiger Research, Ryan Yoon, stwierdził, że amerykańska Komisja Papierów Wartościowych i Giełd (SEC) przygotowuje się do wprowadzenia ram „wyłączenia innowacyjnego”, które pozwolą podmiotom trzecim na tokenizację notowanych akcji bez zgody emitenta.
Ryan Yoon ostrzegł, że ruch ten może spowodować dwa główne wstrząsy strukturalne dla tradycyjnych giełd: po pierwsze, fragmentację płynności, ponieważ kapitał odpłynie ze scentralizowanych giełd na liczne platformy blockchain; po drugie, fragmentację przychodów, ponieważ opłaty transakcyjne i dochody pośredników mogą przepływać do platform zagranicznych lub konkurencyjnych, zagrażając konkurencyjności amerykańskiego sektora finansowego.
Uważa on, że tradycyjne giełdy przypominają monopolistyczne supermarkety, podczas gdy tokenizowane akcje są jak umożliwienie każdemu rozstawienia straganu, co znacząco zmieni koncentrację rynków kapitałowych. SEC forsuje te ramy w tym momencie, aby utrzymać globalne dochody finansowe w ramach krajowej jurysdykcji regulacyjnej.
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