歐盟金融集團推動削減或提高代幣化證券上限，以避免美國人才流失

歐洲金融和代幣化團體正在大力遊說歐盟立法者，取消或大幅提高代幣化金融工具的 1000 億歐元上限，理由是擔心成長受到抑制以及相對於美國的競爭劣勢。

It's a high-stakes poker game in the world of finance, and European heavyweights are calling the EU's bluff. A formidable coalition of European financial and tokenization groups is putting serious heat on EU lawmakers. Their demand? Either ditch the proposed €100 billion cap on tokenized financial instruments entirely or, at the very least, hike it up to a cool €500 billion.

這是金融界一場高風險的撲克遊戲，歐洲重量級人物正在揭穿歐盟的虛張聲勢。歐洲金融和代幣化團體的強大聯盟正在向歐盟立法者施加嚴重壓力。他們的需求？要么完全放棄擬議的代幣化金融工具 1000 億歐元的上限，要么至少將其提高到 5000 億歐元。

The €100 Billion Headache: Why Europe's Giants Are Grumbling

1000億歐元的頭痛：歐洲巨頭為何抱怨不休

This isn't just about rounding numbers; it's about the future of digital finance in Europe. A recent draft letter, dated September 7th, makes it clear: the current €100 billion ceiling is seen as a serious roadblock. Imagine a race car with a speed limiter – that's how these groups, including powerhouses like Nasdaq and Boerse Stuttgart Group, view the proposed cap. They argue that some existing European tokenization projects are already hitting the €350 billion mark and are poised for even more growth. A €100 billion limit would essentially clip their wings before they even take flight.

這不僅僅是對數字進行四捨五入；這關係到歐洲數位金融的未來。最近的一封日期為 9 月 7 日的信函草案明確表示：目前 1000 億歐元的上限被視為一個嚴重的障礙。想像一輛帶有有限速器的賽車——這就是包括納斯達克和斯圖加特交易所集團等巨頭在內的這些團體對擬議上限的看法。他們認為，一些現有的歐洲代幣化項目已經達到 3,500 億歐元大關，並有望實現更大成長。 1000億歐元的限制實際上會在它們起飛之前折斷它們的翅膀。

The American Shadow: A Trillion-Euro Disparity

美國的影子：萬億歐元的差距

Here's where the plot thickens. The European groups are looking across the Atlantic with a touch of envy. In the US, a dominant settlement platform can tokenize a staggering €150 trillion in assets without any volume caps. This stark contrast highlights Europe's potential disadvantage. If the EU doesn't adapt, the fear is that liquidity, innovation, and talent could simply pack their bags and head for more accommodating shores. It's a classic case of 'use it or lose it' when it comes to attracting cutting-edge financial technology.

這就是情節變得複雜的地方。歐洲集團帶著一絲羨慕的目光望向大西洋彼岸。在美國，一個主導的結算平台可以將價值 150 兆歐元的資產代幣化，且沒有任何數量上限。這種鮮明的對比凸顯了歐洲的潛在劣勢。如果歐盟不適應，人們擔心流動性、創新和人才可能會收拾行李，前往更寬鬆的海岸。在吸引尖端金融科技方面，這是「用進廢退」的經典案例。

A History of Pressure: The DLT Pilot Regime Under Scrutiny

壓力的歷史：DLT 試點制度受到審查

This isn't a new fight. The current push is the latest in a series of appeals from the financial sector. Back in April, 39 firms, including the usual suspects like Nasdaq and Boerse Stuttgart, urged policymakers to fast-track changes to the Distributed Ledger Technology (DLT) Pilot Regime and raise its limit to between €100 billion and €150 billion. Even earlier, in February, firms like Securitize were sounding the alarm, warning that existing asset limits and time-limited licenses were stifling the growth of regulated on-chain markets. The message is consistent: Europe needs to open its doors wider to tokenized securities if it wants to stay competitive.

這不是一場新的戰鬥。目前的推動是金融部門一系列呼籲中的最新一次。早在 4 月份，包括納斯達克和斯圖加特證券交易所等常見公司在內的 39 家公司敦促政策制定者快速改變分散式帳本技術（DLT）試點制度，並將其上限提高到 1000 億至 1500 億歐元。甚至在更早的 2 月份，Securitize 等公司就發出了警報，警告現有的資產限制和有時限的許可證正在抑制受監管的鏈上市場的成長。傳達的訊息是一致的：如果歐洲想保持競爭力，就需要向代幣化證券敞開大門。

Why This Matters: Beyond the Numbers

為什麼這很重要：超越數字

So, why should anyone outside of high finance care about a cap on tokenized securities? Simple: this is about the efficiency, transparency, and accessibility of financial markets. Tokenization has the potential to democratize investment, streamline processes, and unlock new forms of value. By placing what many see as an arbitrary and low cap, the EU risks hindering its own financial evolution. It's like trying to build a superhighway with only bicycle lanes. The global value of distributed real-world assets (excluding stablecoins) already stands at nearly $40 billion, with US Treasury debt leading the charge. This isn't a niche market; it's a rapidly expanding frontier.

那麼，為什麼高級金融以外的人應該關心代幣化證券的上限呢？很簡單：這關係到金融市場的效率、透明度和可近性。代幣化有潛力實現投資民主化、簡化流程並釋放新的價值形式。透過設定許多人認為任意且較低的上限，歐盟可能會阻礙其自身的金融發展。這就像試圖建造一條只有自行車道的高速公路。分散式現實世界資產（不包括穩定幣）的全球價值已接近 400 億美元，其中美國國債處於領先地位。這不是一個利基市場；而是一個利基市場。這是一個快速擴張的前沿。

Looking Ahead: A Chance for Europe to Shine

展望未來：歐洲大放異彩的機會

The ball is now in the EU lawmakers' court. Do they listen to the industry and embrace the future of tokenized securities with open arms, or do they cling to a cautious approach that could see Europe fall behind? The sentiment from the financial groups is clear: the current trajectory risks stifling innovation and ceding leadership to other markets. It's time for Europe to decide if it wants to be a major player in the tokenized future or merely a spectator. One thing's for sure: the conversation around tokenized securities, EU finance groups, and the securities cap is only just getting started, and it promises to be quite the show!

球現在落在歐盟立法者的法庭上。他們是傾聽產業的聲音並張開雙臂擁抱代幣化證券的未來，還是堅持謹慎的態度，這可能會導致歐洲落後？金融集團的情緒很明確：目前的發展軌跡有可能抑制創新並將領導地位拱手讓給其他市場。現在是歐洲決定是想成為代幣化未來的主要參與者還是僅僅充當旁觀者的時候了。有一點是肯定的：圍繞代幣化證券、歐盟金融集團和證券上限的對話才剛開始，而且有望成為一場精彩的表演！