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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Директор з досліджень Tiger Research Раян Юн заявив, що Комісія з цінних паперів і бірж США (SEC) готується запровадити механізм «інноваційного виключення», який дозволяє третім сторонам токенізувати лістингові акції без згоди емітента.
Раян Юн попередив, що цей крок може спричинити два основні структурні шоки для традиційних бірж: по-перше, фрагментацію ліквідності, оскільки кошти будуть перерозподілятися з централізованих бірж на численні блокчейн-платформи; по-друге, фрагментацію доходів, оскільки торгові комісії та доходи посередників можуть перетікати на закордонні або конкуруючі платформи, що загрожує конкурентоспроможності фінансової системи США.
Він вважає, що традиційні біржі подібні до монопольних супермаркетів, тоді як токенізовані акції схожі на дозвіл будь-кому відкрити вуличний кіоск, що суттєво змінить концентрацію капіталу на ринках. SEC просуває цю концепцію зараз, щоб утримати доходи від глобальних фінансів у межах внутрішнього регуляторного поля.
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