納斯達克的標記證券Gambit：SEC提案深度潛水

納斯達克提出了令牌化的證券交易，橋接Tradfi和Defi。這對財務和投資者的未來意味著什麼？

Nasdaq's Tokenized Securities Gambit: An SEC Proposal Deep Dive

納斯達克的標記證券Gambit：SEC提案深度潛水

Hold onto your hats, Wall Street! Nasdaq is making moves to bring blockchain to the big leagues. Their recent SEC proposal to enable tokenized securities trading is a potential game-changer, promising faster settlements and more transparency. Let's break it down, NYC style.

抓住你的帽子，華爾街！納斯達克正在採取行動將區塊鏈帶到大聯盟。他們最近實現令牌化證券交易的SEC提議是一種潛在的改變遊戲規則，有希望的更快的定居點和更高的透明度。讓我們將其分解，紐約風格。

What's the Deal?

有什麼交易？

On September 8, 2025, Nasdaq filed a proposal with the SEC to allow member firms and investors to trade tokenized versions of stocks and ETPs right on the Nasdaq Stock Market. Think of it as taking your traditional stocks and giving them a blockchain makeover. According to Nasdaq President Tal Cohen, this could seriously streamline markets, speed up settlement times, and automate a bunch of processes. Less friction, more action—that's the idea.

2025年9月8日，納斯達克向SEC提出了一項提案，以允許會員公司和投資者在納斯達克股票市場上交易股票和ETP的代幣版本。可以將其視為帶您的傳統股票，並給他們一個區塊鏈改造。根據納斯達克總裁塔爾·科恩（Tal Cohen）的說法，這可能會嚴重簡化市場，加快定居時間的速度並自動化大量流程。摩擦較少，動作更多 - 這就是想法。

How Would It Work?

它將如何工作？

The plan is pretty slick. Participants can choose whether to trade in tokenized or traditional form when they place an order. The Depository Trust Corporation (DTC) would handle the clearing and settlement for the tokens. Chuck Mack, Nasdaq’s Senior Vice President of North American Markets, believes this will improve transaction transparency and create a more seamless process from start to finish.

該計劃非常光滑。參與者可以在下訂單時選擇是否以令牌化或傳統形式進行交易。存款信託公司（DTC）將處理令牌的清算和解決方案。納斯達克北美市場高級副總裁查克·麥克（Chuck Mack）認為，這將提高交易透明度，並從頭到尾創造一個更加無縫的過程。

Tokenization Trends: It's a Vibe

令牌化趨勢：這是一種氛圍

Nasdaq isn't alone in this tokenization push. The real-world asset (RWA) market has exploded, going from around $5 billion in 2022 to over $24 billion by September 2025. BlackRock launched its BUIDL Treasury fund on Ethereum, Fidelity tokenized similar products, and even the World Economic Forum is talking about cross-border efficiency. Ondo Finance is tokenizing over 100 US stocks and ETFs on Ethereum, and Trust Wallet is integrating tokenized equities for millions of users. The future is now, folks!

納斯達克並不孤單，這是這個令牌化的推動力。現實世界中的資產（RWA）市場已經爆炸，從2022年的50億美元到2025年9月的240億美元。 BlackRock啟動了其Buidl Toererury intherery oon Ethereum，Fidelity tokenity tokenity類似產品，甚至世界經濟論壇也在談論跨境效率。 Ondo Finance是在以太坊上的100多個美國股票和ETF，Trust Wallet正在為數百萬用戶融合令牌股票。伙計們，未來是現在！

The SEC's Role: Not Just Watching From the Sidelines

SEC的角色：不僅僅是從場外觀看

Of course, this all hinges on the SEC. Nasdaq has specifically asked the SEC to update certain rules to accommodate tokenized stocks. The exchange wants tokenized securities to have the same rights and benefits as regular shares, trading alongside them on the same order book. Nasdaq also warned that some platforms in Europe offering “tokenized U.S. equities” might be misleading investors, giving them digital rights instead of actual shares. Nasdaq stressed that tokenized securities should be traded “in regulated markets, namely national securities exchanges, alternative trading systems, and at FINRA regulated broker-dealers.”

當然，這一切都取決於SEC。納斯達克專門要求SEC更新某些規則以容納令牌股票。該交易所希望以像徵性的證券具有與常規股份相同的權利和福利，並在同一訂單書上與他們交易。納斯達克還警告說，歐洲的某些平台提供“標記美國股票”可能會誤導投資者，賦予他們數字權利而不是實際股票。納斯達克強調，應該在受監管的市場，包括國家證券交易所，替代交易系統和FINRA監管的經紀交易商中進行交易。

My Take: Bullish on Blockchain, But Proceed with Caution

我的看法：在區塊鏈上看漲，但要謹慎

I'm personally pretty excited about this. Tokenization has the potential to democratize finance, making it more accessible and efficient. Imagine a world where settlements happen instantly and fractional ownership is the norm. However, it’s crucial that regulators like the SEC ensure investor protection. We need clear rules and guidelines to prevent scams and maintain market integrity. As SEC Commissioner Hester Peirce said, “tokenized securities are still securities,” and the rules still apply.

我個人對此感到非常興奮。令牌化有可能使財務民主化，從而使其更容易獲得和高效。想像一個世界即時發生定居點，而分數所有權是常態。但是，至關重要的是，像SEC這樣的監管機構確保投資者保護。我們需要明確的規則和準則，以防止騙局並保持市場完整性。正如SEC專員Hester Peirce所說，“令牌化證券仍然是證券”，規則仍然適用。

Looking Ahead: Buckle Up!

展望未來：係好！

Nasdaq's SEC filing is open for public comment, and the exchange is actively seeking feedback. The first tokenized trades could launch as early as 2026. Keep an eye on this space, because it's about to get wild. Who knows, maybe one day we'll all be trading tokenized slices of our favorite pizza joint. Now that's what I call innovation!

納斯達克的SEC申請供公眾發表公眾評論，交易所正在積極尋求反饋。最早可能在2026年開始進行的第一個標記交易。請密切關注這個空間，因為它即將變得瘋狂。誰知道，也許有一天，我們都會全都在我們最喜歡的披薩店交易象徵性的切片。現在，這就是我所說的創新！