#加密货币监管政策 Recently, with the SEC and DTC taking these actions, I’ve studied them carefully and the conclusion is: don’t get too excited just yet.

Many people see the Nasdaq applying to extend trading hours to 23/5 and think that tokenization of US stocks is coming. In fact, their documents don’t mention tokenization at all. The real big move is that the SEC issued a “No Action Letter” to DTC, allowing them to conduct tokenization pilot programs under certain conditions. But here’s the key point — the SEC only temporarily exempted some procedural reporting obligations, and did not fundamentally approve the application of blockchain technology in the securities market.

DTC’s approach is actually quite clever: they create tokens on the chain to represent stock rights, which can be transferred directly between brokerages. All operations are monitored in real-time by an off-chain system called LedgerScan. In simple terms, this is about improving back-end settlement efficiency through technology while maintaining the existing legal framework and risk control bottom line. Tokens can only be transferred between wallets approved by DTC, and DTC can even enforce transfers or destroy tokens. This controlled environment for innovation is what makes it sustainable.

For us retail traders, these infrastructure iterations mean more compliant interaction possibilities in the future. But for now, this remains an institutional-level approach and won’t directly impact retail investors in the short term. However, the increasingly clear regulatory direction itself is a positive signal — it indicates that the Web3 ecosystem is evolving from wild growth to institutionalization, which is definitely beneficial for long-term participants.