#资产代币化 When I saw the SEC's letter of no action, I was pondering a question—Is this truly a turning point for the tokenization of U.S. stocks, or just another regulatory "pie in the sky"?

After carefully reading the document, I realized it's not that simple. The exemption granted to DTC is indeed a breakthrough, but the essence of this breakthrough has been misunderstood by many. It doesn't mean "stocks can be freely traded as tokens," but rather "within our controlled, licensed, and fully risk-managed system, we can record transactions on the blockchain in a new way."

This reminds me of the scene during the ICO boom in 2017. Back then, everyone was very excited, thinking anything could be tokenized. But what happened? The big wave sifted out the chaff, and very few projects survived. Now, the route for tokenizing U.S. stocks is completely different—it's not about front-end rapid growth, but starting from the back-end infrastructure and building upward step by step. DTC's pilot, which monitors all transactions via LedgerScan and has mandatory control over wallets, doesn't seem like an innovation; rather, it appears as layers of restrictions on innovation.

But I think that's precisely what makes it reliable.

Custodial assets in U.S. stocks, with a daily trading volume exceeding $100 trillion, pose systemic risks if problems arise. Regulators won't allow this sector to become a testing ground. So, the real significance of this NAL isn't in the technical authorization itself, but in the regulatory attitude—shifting from "is this legal or not" to "how can we use it safely." This is a matter of direction.

Two paths are gradually becoming clearer. One is backend players like DTCC quietly improving settlement efficiency— for most retail investors, stocks remain stocks, nothing changes. The other is frontend platforms like Robinhood, which may focus on enhancing trading experience—faster settlement, more flexible splitting, cross-market integration. But when the second path will truly unfold remains to be seen.

This reminds me of the evolution of U.S. stock spot trading hours over a decade ago. From T+3 to T+2 to T+1, each step was painfully slow, but the results eventually materialized. Tokenization might follow this rhythm—seemingly slow to the point of frustration, but each step is solidifying the foundation.

However, one point to be cautious about. Tokenization technology itself is neutral, but it provides more covert space for money laundering and illegal fundraising. This time, regulators explicitly stated they will "adhere to the boundaries of existing securities laws and custodial systems," which carries significant weight. Any attempt to break the rules, once discovered, could halt the entire pilot. This is not alarmism but a rational acknowledgment of lessons from history.

So, I’m not in a hurry now. This is not the endpoint, nor the explosion point—at best, it’s a turning point. The large-scale application of U.S. stock tokenization may still take 5 to 10 years. But what’s worth paying attention to is the logic behind each regulatory easing—why they are compromising, where the bottom line is. Those details often determine how far the future can go.