欧盟金融集团推动削减或提高代币化证券上限，以避免美国人才流失

欧洲金融和代币化团体正在大力游说欧盟立法者，取消或大幅提高代币化金融工具的 1000 亿欧元上限，理由是担心增长受到抑制以及相对于美国的竞争劣势。

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.

这是金融界一场高风险的扑克游戏，欧洲重量级人物正在揭穿欧盟的虚张声势。欧洲金融和代币化团体的强大联盟正在向欧盟立法者施加严重压力。他们的需求？要么完全放弃拟议的代币化金融工具 1000 亿欧元的上限，要么至少将其提高到 5000 亿欧元。

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

1000亿欧元的头痛：欧洲巨头为何抱怨不休

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.

这不仅仅是对数字进行四舍五入；这关系到欧洲数字金融的未来。最近的一封日期为 9 月 7 日的信函草案明确表示：当前 1000 亿欧元的上限被视为一个严重的障碍。想象一下一辆带有限速器的赛车——这就是包括纳斯达克和斯图加特交易所集团等巨头在内的这些团体对拟议上限的看法。他们认为，一些现有的欧洲代币化项目已经达到 3500 亿欧元大关，并有望实现更大增长。 1000亿欧元的限制实际上会在它们起飞之前折断它们的翅膀。

The American Shadow: A Trillion-Euro Disparity

美国的影子：万亿欧元的差距

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.

这就是情节变得复杂的地方。欧洲集团带着一丝羡慕的目光望向大西洋彼岸。在美国，一个占主导地位的结算平台可以将价值 150 万亿欧元的资产代币化，且没有任何数量上限。这种鲜明的对比凸显了欧洲的潜在劣势。如果欧盟不适应，人们担心流动性、创新和人才可能会收拾行李，前往更宽松的海岸。在吸引尖端金融技术方面，这是“用进废退”的经典案例。

A History of Pressure: The DLT Pilot Regime Under Scrutiny

压力的历史：DLT 试点制度受到审查

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.

这不是一场新的战斗。当前的推动是金融部门一系列呼吁中的最新一次。早在 4 月份，包括纳斯达克和斯图加特证券交易所等常见公司在内的 39 家公司敦促政策制定者快速改变分布式账本技术（DLT）试点制度，并将其上限提高到 1000 亿至 1500 亿欧元。甚至更早的 2 月份，Securitize 等公司就发出了警报，警告现有的资产限制和有时限的许可证正在抑制受监管的链上市场的增长。传达的信息是一致的：如果欧洲想保持竞争力，就需要向代币化证券敞开大门。

Why This Matters: Beyond the Numbers

为什么这很重要：超越数字

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.

那么，为什么高级金融之外的人应该关心代币化证券的上限呢？很简单：这关系到金融市场的效率、透明度和可及性。代币化有潜力实现投资民主化、简化流程并释放新的价值形式。通过设定许多人认为任意且较低的上限，欧盟可能会阻碍其自身的金融发展。这就像试图建造一条只有自行车道的高速公路。分布式现实世界资产（不包括稳定币）的全球价值已接近 400 亿美元，其中美国国债处于领先地位。这不是一个利基市场；而是一个利基市场。这是一个快速扩张的前沿。

Looking Ahead: A Chance for Europe to Shine

展望未来：欧洲大放异彩的机会

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!

球现在落在欧盟立法者的法庭上。他们是倾听行业的声音并张开双臂拥抱代币化证券的未来，还是坚持谨慎的态度，这可能会导致欧洲落后？金融集团的情绪很明确：当前的发展轨迹有可能抑制创新并将领导地位拱手让给其他市场。现在是欧洲决定是想成为代币化未来的主要参与者还是仅仅充当旁观者的时候了。有一点是肯定的：围绕代币化证券、欧盟金融集团和证券上限的对话才刚刚开始，而且有望成为一场精彩的表演！