Viewpoint: The SEC plans to allow third-party tokenized stocks, which may lead to dual fragmentation of liquidity and revenue for traditional exchanges
By: rootdata|2026/05/22 16:43:06
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Директор по исследованиям Tiger Research Райан Юн заявил, что Комиссия по ценным бумагам и биржам США (SEC) готовится внедрить систему «инновационных исключений», позволяющую сторонним организациям токенизировать листинговые акции без одобрения эмитента.
Райан Юн предупредил, что этот шаг может вызвать два серьезных структурных потрясения для традиционных бирж: во-первых, фрагментацию ликвидности, поскольку средства будут перетекать с централизованных бирж на различные блокчейн-платформы; во-вторых, фрагментацию доходов, так как торговые комиссии и посредническая прибыль могут уходить на зарубежные или конкурирующие площадки, что ставит под угрозу конкурентоспособность финансовой системы США.
Он считает, что традиционные биржи подобны монопольным супермаркетам, в то время как токенизированные акции — это все равно что позволить каждому открывать уличный ларек, что существенно изменит концентрацию капитала на рынках. SEC продвигает эту систему сейчас, чтобы сохранить доходы от глобальных финансов в рамках национальной юрисдикции.
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