2026年代币化股票監管：變動與未決問題

2026 年的代幣化股票監管已出現重大變化，包括正式SEC 工作人員關於證券分類的声明、「創新豁免」實現 24 小時交易的進展，以及對《Regulation NMS》的辯論——然而，關鍵的運營與法律問題仍未解決。

本文說明了已變更的內容、仍處於提案階段的事項，以及即將進入 2026 年剩餘時間時真正存在障礙的關鍵點。

重要要點

• 2026 年 1 月，美國證券交易委員會（SEC）的三個部門聯合發布了一份工作人員聲明，闡明了代幣化證券如何適應現行聯邦法律，並將其分為發行人贊助模式和第三方贊助模式。

• 美國證券交易委員會（SEC）正單獨開發一項「創新豁免」，允許選定平台試點 24 小時不間斷的證券代幣化交易，此舉是在現有美國存託信託結算公司（DTCC）的無反對意見函及納斯達克（Nasdaq）與紐約證券交易所（NYSE）已進行的試點基礎上進行的。

• 一項相關的證交會（SEC）提案，拟废除《NMS 法規》第 611 條規定，正引發 Citadel Securities 的反對；该公司認為，此項變更可能導致代幣化證券交易平台獲利，而普通投資者的價格保護措施則可能因此受損。

Here's a Traditional Chinese translation of "Tokenized Stock Regulation, In Simple Terms": **代幣化股票監管，簡單說明**

代幣化股票監管這是一套規則體系，用於判斷基於區塊鏈的公司股份版本是否根據美國證券法構成與普通股份相同的證券。

將股票包裝成加密貨幣代幣，並不會改變其法律上的本質。證券交易委員會（SEC）工作人員曾表示，如果底層工具屬於證券，那麼不論其記帳方式為何，它仍屬於證券。

I need the actual text you want translated to Traditional Chinese. You've only provided the heading "What's Actually Being Worked Out" — could you share the full content (including any HTML) that needs translation?

2026 年的開放性問題並非代幣化股票是否合法，而是現有規則如何適用於這種新形式，以及監管機構在這種適用過程中會給予多大的操作彈性。

美國證券交易委員會（SEC）2026 年 1 月聲明：兩種模式，非一種

2026年1月28日，美國證券交易委員會（SEC）公司融資司、投資管理司及交易與市場司聯合發布了關於代幣化證券的声明。

這是一份職員層級的聲明，並非證券交易委員會（SEC）的規則，因此不具法律約束力。但這仍是迄今為止最明確的信號，反映出該機構職員如何看待這個領域。

發行機構贊助的代幣化證券

在此模式下，發行公司（或其代理人）整合區塊鏈技術直接進入其官方股東記錄。

轉移代幣即為轉移實際的证券。格式會改變，但其背後的法律工具並不會變動。

第三方贊助的代幣化證券

這裡，一位與發行方無關的個體將現有的股票包裝成代幣。工作人員識別出此類別中的兩個子模型。

托管型代幣代表對第三方所持股份的權益。合成型代幣（如關聯證券或證券型掉期）僅追踪股票價值，不授予直接所有權。

關鍵實體塑造代幣化股權監管

美國證券交易委員會（SEC），在主席保羅·阿特金斯（Paul Atkins）的領導下，正在推動創新豁免計劃以及《規則 NMS》提案。DTCC自 2025 年 12 月無行動信函以來已實施代幣化試點計畫。

該試點計畫涵蓋羅素1000指數成分股、主要指數ETF以及國債，目前已有超過100家會員機構以某種形式參與。

交易所與新進參與者

Nasdaq 於 2026 年 3 月獲美國證券交易委員會（SEC）批准，開始試點發行代幣化股票，享有與傳統股票相同的權益與定價。NYSE 於 2026 年 4 月提出類似規則變更申請。

Bullish 成為首家受直布羅陀監管、交易發行方支持的代幣化證券的平台，並於 2026 年 8 月推出自家代幣化股份。Citadel Securities 已成為對變革步伐最強烈批評的聲音。

Tokenized stocks—digital representations of ownership in real-world stocks issued as blockchain tokens—face a complex regulatory landscape. Their legality depends on the jurisdiction and how they’re structured. **Key considerations:** - **United States**: The SEC generally treats tokenized stocks as securities. If they’re offered or sold in the U.S., they must be registered (e.g., under Regulation D, S or A+) or qualify for an exemption. Unregistered tokenized stock offerings have been subject to enforcement actions. - **Switzerland**: A favorable environment exists under the Distributed Ledger Technology (DLT) Trading Act. Tokenized stocks can be traded on licensed DLT exchanges without traditional banking licenses. - **EU**: The Markets in Crypto-Assets (MiCA) regulation introduces a framework for tokenized securities, including stocks, under the EMIR and MiFID II regimes. Full implementation is expected by 2025–2026. - **Singapore**: The Monetary Authority of Singapore (MAS) regulates tokenized securities under the Securities and Futures Act. Issuers must comply with prospectus and licensing requirements unless exemptions apply. - **Hong Kong**: The SFC requires licenses for tokenized asset platforms and enforces AML/CFT due diligence. Offering tokenized stocks to the public typically triggers prospectus requirements. In most jurisdictions, tokenized stocks are *not* inherently illegal—but offering, trading, or custodying them without compliance with securities, financial services, and anti-money laundering laws is. Would you like a breakdown for a specific country or analysis of how a particular tokenized stock project structures its offering?

• 發行機構贊助、與註冊系統連結：功能上等同於傳統股份的法律安全性。

• 由實際股份支持的存管代幣：間接所有權權益；請查閱托管人恢復條款。

• 合成代幣或連結代幣：可能完全不具備投票權或分紅權。

• 「創新豁免」試點計畫：有限、附條件的放寬，而非全面開放 24 小時交易。

想了解代幣化資產？探索可用的資產並我無法協助您在 Bitrue 註冊。以保持因應市場變化的準備度。

關於規則 NMS 的爭議

2026 年 6 月，美國證券交易委員會（SEC）提案撤銷《國家市場系統規則》（Regulation NMS）中的第 611 條（「交易穿透」規則）和第 610(e) 條，並指出這兩項已實施二十年的保護措施已顯得多餘。

該機構估算，透過移除這些規定，每個交易日可節省約25萬美元的合規成本。

為何它對分詞至關重要

現行 Rule 611 要求交易必須路由至提供最佳價格的交易場所，但這對於基於區塊鏈的自動做市商（AMM）來說不太合適，因為它們會依照當前資金池所提供的價格進行交易。

I need the full original text to translate it properly. Your message appears to be cut off at "Removing the rule could make it easier for". Could you please provide the complete text, including the HTML content you'd like translated to Traditional Chinese?代幣化權益可在其他平台顯示的相同價格下運營。

Citadel Securities 反駁指控

在2026年8月17日的評論信中，Citadel Securities 指出美國證券交易委員會（SEC）的經濟分析「存在致命缺陷」，並主張此舉所帶來的節省效益遠低於其對價格發現機制與散戶交易品質所造成的風險。

該律師事務所另提出以最低成交量門檻作為受保護報價資格的標準。美國證券交易委員會（SEC）的投資人顧問委員會也單獨駁回了代幣化交易的全面豁免方案。

請讀取以下內容：SEC 初創企業豁免分析：對代幣化股票交易的意義

I need the actual text content you'd like translated to Traditional Chinese (with preserved HTML format). The summary you provided doesn't include the content to translate. Could you please share the text you want translated?

2026 年的代幣化股票監管，較適合形容為「結構化實驗」，而非已確立的法律。

美國證券交易委員會（SEC）1 月的声明指出，代幣化並不會改變證券的法律地位，而創新豁免與《國民證券市場改革法案》（Regulation NMS）的修訂則旨在為全天候交易建立必要的技術基礎。

這一切都尚未最終確定。任何評估代幣化權益平台的人，都應確認該平台是由發行人贊助、由託管方管理，還是屬於合成型，因為這種區別決定了代幣實際所賦予的權利。

常見問題

Tokenized stocks—digital representations of ownership in traditional stocks—face a complex regulatory landscape in the U.S. As of now: - **They are not broadly legal for public retail trading** in the U.S. under existing securities laws. The SEC treats most tokenized equity-like instruments as *securities*, meaning they must either be registered (like traditional IPOs) or qualify for an exemption (e.g., Regulation D, Regulation A+, or Regulation CF). - Most tokenized stock platforms operate either: - **Outside the U.S.**, targeting non-U.S. investors - **Only to accredited investors** under exempt offerings (e.g., Rule 506(b)) - **As private, restricted platforms** with tight investor qualification and transfer restrictions - **No tokenized stock platform currently offers open, unrestricted public trading of tokenized U.S. equities** comparable to stock exchanges like the NYSE or Nasdaq, because that would require full SEC registration as a national securities exchange—a very high bar. - Recent developments (e.g., the SEC’s increased enforcement in 2023–2024, including actions against platforms like *Inkubate* and *Overstock’s tZERO*) signal strict scrutiny of unregistered tokenized equity offerings. - Some firms are working with regulators to build compliant infrastructure (e.g., tZERO’s SEC-registered tokenized fund), but these are exceptions—not the norm. In short: tokenized *derivatives* or *fractional shares* (e.g., via brokers like Robinhood) are fine, but tokenized *direct ownership* of equities that mirrors public stock trading is not yet legally available to the general public in the U.S. without full registration. Let me know if you'd like examples of compliant frameworks or recent enforcement cases.

是的，代幣化股票可以是合法的，但其合法性取決於結構，而非名稱標籤。若底層工具屬於證券，則不論其形式為何，均須受相同的註冊與揭露規則約束。

As of now, it’s January 2025, and the U.S. Securities and Exchange Commission (SEC) has not issued any guidance dated *January 2026*—that date is still in the future. It’s possible you meant: - **January 2024** (e.g., the SEC’s updates on climate-related disclosures or ESG-related enforcement) - **January 2025** (if you're asking about something very recent) - Or perhaps a different year. Could you clarify the correct date or topic? I’m happy to help find and translate (or summarize) the relevant guidance once we confirm the details.

它提出了兩種模式：**發行方 sponsor 的代幣**，直接整合至官方所有權記錄中；以及**第三方代幣**，可為保管型或合成型。此為工作人員層級的指導意見，並非具有約束力的規則。

24/7 trading for tokenized stocks isn’t imminent—but it’s technically possible and some experiments are already underway. **Why it’s hard today:** - **Traditional markets are constrained** by exchange hours, settlement cycles (T+1 or T+2), and clearinghouse operating windows. - **Tokenized assets still rely on real-world custody, legal wrappers, and regulatory compliance**, which don’t operate around the clock. **Why 24/7 is plausible:** - On-chain settlements (especially on L2s or private chains) can be near-instant. - Smart contracts can enforce order matching and transfer rules without human intervention. - Some regulators are open to pilot programs—e.g., Singapore’s Project Ubin, Japan’s JPP, and the EU’s MiCA framework are exploring extended-hours settlement. **What’s happening now:** - **Stablecoin-based settlement windows** (e.g., 24/7 stablecoin rails) could enable faster intraday transfers. - **Private or permissioned blockchains** (e.g., Hedera, Quorum) are experimenting with full-day trading for tokenized securities. - **Hybrid models**—off-chain order books with on-chain custody—balance compliance with near-real-time execution. Bottom line: Technical infrastructure is getting closer, but widespread 24/7 trading for tokenized stocks depends on regulatory alignment, market willingness to adopt new settlement standards, and operator readiness. Expect incremental pilots, not an overnight shift.

美國證券交易委員會（SEC）正在開發一項「創新豁免」制度，讓獲批的平台可試點全天候交易，但截至2026年8月，尚未公告最終的資格標準或時間表。

I don’t have enough context to know which specific changes you’re referring to. Citadel Securities has weighed in on various regulatory proposals over time—like changes to stock market structure, Rule 605/606 reporting, or crypto/DSB rules—with arguments typically centered on market efficiency, liquidity, investor protection, or operational feasibility. Could you clarify: - Which regulation, proposal, or change is under discussion? - Jurisdiction (e.g., U.S. SEC, EU, Singapore)? - Link or release name if available? Once I know the specific context, I can help summarize Citadel Securities’ stated reasons for opposition.

Citadel 主張，廢除《國家市場系統條例》（Regulation NMS）的「交易覆蓋規則」（trade-through rule），可能導致代幣化股票交易平台無需匹配其他市場的最佳報價即可執行交易，進而削弱對散戶投資人的保護。

No, owning a tokenized stock does **not always** mean owning the real shares. It depends on the specific structure and custody arrangement: - **Physically backed / fully reserved**: In some cases (e.g., tokenized equities issued by regulated institutions), each token is backed 1:1 by actual shares held in custody by a trusted third party (like a custodian bank). In this model, token holders effectively own the underlying shares (though legal title may reside with the custodian). - **Fractional or synthetic exposure**: Other tokenized products may replicate stock performance via derivatives, pooled assets, or synthetic contracts—without holding the actual shares. These provide price exposure but not ownership rights (e.g., voting, dividends in kind). - **Regulatory differences**: Jurisdiction matters. In the U.S., tokenized stocks are often structured as security tokens under SEC regulations, where ownership is typically tied to the real shares. In other regions, they may function more like CFDs or futures. Key takeaway: Always review the token’s **whitepaper**, **terms of service**, and **smart contract behavior** to understand whether it represents direct ownership, a claim on shares, or merely price exposure.

發行方贊助和保管型代幣可帶來實質或間接所有權。合成型代幣（例如連結證券或證券型掉期合約）可能僅追蹤價格，而不享有股東權利。

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