纳斯达克的标记证券Gambit：SEC提案深度潜水

纳斯达克提出了令牌化的证券交易，桥接Tradfi和Defi。这对财务和投资者的未来意味着什么？

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

纳斯达克的标记证券Gambit：SEC提案深度潜水

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，华尔街！纳斯达克正在采取行动将区块链带到大联盟。他们最近实现令牌化证券交易的SEC提议是一种潜在的改变游戏规则，有希望的更快的定居点和更高的透明度。让我们将其分解，纽约风格。

What's the Deal?

有什么交易？

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，纳斯达克向SEC提出了一项提案，以允许会员公司和投资者在纳斯达克股票市场上交易股票和ETP的代币版本。可以将其视为带您的传统股票，并给他们一个区块链改造。根据纳斯达克总裁塔尔·科恩（Tal Cohen）的说法，这可能会严重简化市场，加快定居时间的速度并自动化大量流程。摩擦较少，动作更多 - 这就是想法。

How Would It Work?

它将如何工作？

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.

该计划非常光滑。参与者可以在下订单时选择是否以令牌化或传统形式进行交易。存款信托公司（DTC）将处理令牌的清算和解决方案。纳斯达克北美市场高级副总裁查克·麦克（Chuck Mack）认为，这将提高交易透明度，并从头到尾创造一个更加无缝的过程。

Tokenization Trends: It's a Vibe

令牌化趋势：这是一种氛围

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!

纳斯达克并不孤单，这是这个令牌化的推动力。现实世界中的资产（RWA）市场已经爆炸，从2022年的50亿美元到2025年9月的240亿美元。BlackRock启动了其Buidl Toererury intherery oon Ethereum，Fidelity tokenity tokenity类似产品，甚至世界经济论坛也在谈论跨境效率。 Ondo Finance是在以太坊上的100多个美国股票和ETF，Trust Wallet正在为数百万用户融合令牌股票。伙计们，未来是现在！

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

SEC的角色：不仅仅是从场外观看

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.”

当然，这一切都取决于SEC。纳斯达克专门要求SEC更新某些规则以容纳令牌股票。该交易所希望以象征性的证券具有与常规股份相同的权利和福利，并在同一订单书上与他们交易。纳斯达克还警告说，欧洲的某些平台提供“标记美国股票”可能会误导投资者，赋予他们数字权利而不是实际股票。纳斯达克强调，应该在受监管的市场，包括国家证券交易所，替代交易系统和FINRA监管的经纪交易商中进行交易。

My Take: Bullish on Blockchain, But Proceed with Caution

我的看法：在区块链上看涨，但要谨慎

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.

我个人对此感到非常兴奋。令牌化有可能使财务民主化，从而使其更容易获得和高效。想象一个世界即时发生定居点，而分数所有权是常态。但是，至关重要的是，像SEC这样的监管机构确保投资者保护。我们需要明确的规则和准则，以防止骗局并保持市场完整性。正如SEC专员Hester Peirce所说，“令牌化证券仍然是证券”，规则仍然适用。

Looking Ahead: Buckle Up!

展望未来：系好！

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!

纳斯达克的SEC申请供公众发表公众评论，交易所正在积极寻求反馈。最早可能在2026年开始进行的第一个标记交易。请密切关注这个空间，因为它即将变得疯狂。谁知道，也许有一天，我们都会全都在我们最喜欢的披萨店交易象征性的切片。现在，这就是我所说的创新！