#加密货币监管政策 The SEC issues a "No-Action Letter" to DTC, and the market interpretations vary widely. Many people get excited when they see "permitting tokenization," thinking that 24/7 trading of US stocks is just around the corner. But a careful reading of the document reveals that things are not that simple.

The core logic is: the SEC has only exempted certain procedural reporting obligations during DTC's pilot phase, and has not granted substantive permission for the application of tokenization technology in the securities market. There is a key distinction here — DTC is not directly issuing or trading securities on-chain, but rather representing existing securities rights through tokenization, which is essentially a form of "rights mapping" or "ledger expression."

From on-chain signals, the significance of this interaction is more about a "trial" at the institutional level. Tokens can only be transferred between wallets approved by DTC, and all transfers are monitored and recorded through the LedgerScan system. The token system is strictly isolated from DTC's core clearing system. What does this highly controlled design indicate? It shows that while regulators recognize the potential of blockchain applications, they have not relaxed their risk defenses.

In reality, US stock tokenization is forming two parallel paths: one is led by the authorities focusing on backend efficiency improvements (the DTCC/DTC line), aimed at institutional wholesale markets; the other is front-end exploration by brokerage platforms (like Robinhood, MSX), which more directly involve user experience. The former is a technological upgrade, while the latter represents a real shift in market structure.

In the short term, don’t expect a fundamental change in Wall Street’s operating methods, but this is indeed a signal worth continuously monitoring — shifting from "whether it can be done" to "how to do it."