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[虚拟币交流]
刚刚，美国SEC发布了关于通证化证券的重磅声明！通证化证券的游戏规则定了（转）
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一份看似技术性的监管指引，实际上是对野蛮生长的"合成股权"敲响了警钟，游戏规则已经清晰！0 N$ y! H7 a+ Q& |% ?3 Z' S) @4 e* h
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2026年1月28日，美国证券交易委员会（SEC）三大部门——公司金融部（Division of Corporation Finance）、投资管理部（Division of Investment Management）和交易与市场部（Division of Trading and Markets）
1 |+ _0 a3 Y3 K% ^( G# A8 i+ g: F/ }. p# O0 l4 Z# ?( p! O& i
——联合发布了一份关于通证化证券（Tokenized Securities）的声明。/ M( f+ z/ {' D
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这份声明的官方标题朴素得令人昏昏欲睡，但其内容却极为重要：它首次系统性地界定了通证化证券的分类框架，并明确指出——不管你把证券放到什么链上、用什么花哨的技术包装，证券就是证券，联邦证券法该怎么管还怎么管。9 }" b+ C u K
用SEC的原话说："证券发行的格式或持有人记录的方式（例如链上还是链下）不会影响联邦证券法的适用。"（The format in which a security is issued or the methods by which holders are recorded (e.g., onchain vs. offchain) does not affect application of the federal securities laws.）# J' G* I8 z4 P' i1 R
听起来像是一句正确的废话？别急，这份声明的真正杀伤力藏在细节里。- E0 b/ _. G q. d5 n7 A
* e# q& n% H1 b- T& f一、时机：为什么是现在？
2 ^0 i r7 P4 J( F3 f2 J这份声明的发布时机绝非巧合。就在同一天（1月28日），华尔街的重量级玩家们——美国证券业与金融市场协会（SIFMA）、Citadel、摩根大通——刚刚与SEC的加密任务组（Crypto Task Force）进行了一场闭门会议。根据SEC公开的会议备忘录，这些传统金融巨头的核心诉求只有一个：
; l8 Q" J$ z7 u3 d" _1 a- ^" D“不要给通证化证券开特殊后门”; q( B5 `% e4 ]) s" ~; N# {4 M
+ S1 X& L* ]. p8 e1 P他们担心，如果SEC给链上交易的证券提供宽松的豁免待遇，将会"破坏投资者保护，导致市场分裂"。2 @6 I/ k4 H v3 U! l3 T
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SIFMA在会议材料中写道："监管待遇应基于经济特征，而非所使用的技术或分类标签（如'DeFi'）。"（Regulatory treatment should be based on economic characteristics, not on the technology used or categorical labels.）换句话说，华尔街不反对通证化，但坚决反对通证化成为监管套利的工具。. B3 Y" o% w0 ^+ _
更早之前的2025年7月，一场闹剧已经为这份声明埋下了伏笔：Robinhood在欧洲市场推出了所谓的"OpenAI代币"和"SpaceX代币"，声称可以让散户投资者获得对这些顶级私募公司的"间接敞口"。% x/ V0 J% Z0 _+ F
4 V1 q# s9 i; F5 c* p4 e1 w$ g结果OpenAI立刻在社交媒体上发声明否认："这些'OpenAI代币'不是OpenAI的股权。我们没有与Robinhood合作，没有参与此事，也不认可它。任何OpenAI股权的转让都需要我们的批准——我们没有批准任何转让。"' k: u/ g: \6 B4 z+ {
0 R, B7 g2 {. U, l4 g- X; U: C' g" }- ~这场风波的本质问题在于：Robinhood发行的代币到底是什么？是真正的股权？是托管凭证？还是纯粹的合成衍生品？$ j4 d( I$ s |/ u
" ]1 l2 a# G, m# s Y3 U当时市场上一片混乱，监管也缺乏明确指引。SEC这份声明正是对这类模糊地带的正式回应。
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SEC这波算是给那些花里胡哨的包装定调了，链上链下，该管的跑不了 |
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SEC对通证化证券发布声明了，游戏规则清晰了，要小心操作啊 |
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