SEC Exemption Policy Lands: A Deep Review of Related Beneficiary Tokens

1. The Big Picture: What Exactly Did the SEC Unshackle?

Last night, the U.S. Securities and Exchange Commission (SEC) officially opened the gates for tokenized U.S. equities. This marks the first time U.S. regulators have established a formal legal channel for "mapping real stocks on-chain."

Quick Overview of the Three Core Policy Elements:

1⃣ 5-Year Innovation Exemption Period (License-Free Birth Certificate): Exchanges and market makers can operate for up to 5 years without holding a traditional Broker-Dealer or ATS license, dramatically clearing compliance startup costs.

2⃣ "30-Day No-Objection Default Approval" (Negative Consent): Platforms only need to provide 30 days' written notice to the original listed company. If the company does not file an explicit written objection, the tokenized mapping is automatically approved. This drastically compresses the asset-side approval process, and resistance to bringing core blue chips like the S&P 500 on-chain plummets.

3⃣ 1:1 Custody of Real Stocks (Non-Synthetic Assets): A compliant custodian must complete 1:1 stock pledging, paired with on-chain proof of reserves, officially making the $50 trillion U.S. equity asset class a freely transferable and pledgeable on-chain underlying asset.

2. Sharp Commentary: Beneficiary Tokens from "Solid" to "Sluggish"

After the news fermented, the secondary market did not stage an indiscriminate "concept-wide rally," but instead diverged rapidly. Based on price gains and relevance to the bullish catalyst, we've compiled the following "from Solid to Sluggish" ranking for our readers.

[Solid] $UNI & $ARB — Second-Stage Accelerated Main Uptrend, the Core of Market Pricing

$UNI (Uniswap) | The Liquidity Matching Core of U.S. Equity Tokenization

Key Data: Peaked at $8.88 (pre-policy $6.2–$6.7) | 24h +30% | Volume $1.5B+

Logic:

1⃣ The Ultimate Liquidity Monopolist: U.S. equity tokenization is essentially spot trading. No matter which market maker maps Apple or Nvidia on-chain through the 30-day default mechanism, the world's largest 24/7 spot depth pool will inevitably be Uniswap first. The market has anchored it as "the on-chain NASDAQ."

2⃣ Dual Catalyst Resonance: Beyond the trading volume explosion expected from the SEC exemption, combined with recent fermentation of Robinhood trading revenue and protocol fee burn expectations, large capital chased orders regardless of cost, producing an accelerated vacuum zone on the chart.

$ARB (Arbitrum) | The Biggest L2 Settlement High Ground for U.S. Equity Tokenization

Key Data: Current Price $0.212 | 24h +28.1% | Circulating Market Cap ~$1.43B | Volume $72M+

Logic: Robinhood's official self-custody wallet has long defaulted to Arbitrum as its core network for low-cost on-chain swaps and cross-chain exchanges. Meanwhile, the vast majority of compliant U.S. equity tokenization pioneers (such as Backed Finance) have launched and settled their primary asset pools on Arbitrum.

Arbitrum emerges as the biggest L2 winner under this policy dividend.

[Elite] $ONDO / $HYPE / $BP — Structural Carnival of Strong Tokens

$ONDO (Ondo Finance) | The Bedrock of RWA, Healthy Turnover of Large Capital

Key Data: Current Price $0.392 | 24h +11.8% | Circulating Market Cap ~$1.91B | Volume $240M+

Logic: Backed by top Wall Street asset managers and BlackRock connections, it has naturally expanded from tokenized Treasuries to tokenized U.S. equities. Two-day volume-driven rally of +11%~+13%. Though no explosive spike occurred, the slope shifting from steep to gentle is a typical pattern of large capital fully turning over positions. Early profit-takers cashing out and new long-term capital entering are battling it out, building a solid platform for a second offensive.

$HYPE (Hyperliquid) | The Derivatives Sentiment Amplifier

Key Data: Current Price $86.55 | 24h +9.2% (Two-day cumulative ~+10%) | Volume $1.27B | Circulating Market Cap ~$19.2B

Logic: The SEC exemption targets spot mapping and has no direct clause relationship with high-leverage perpetual contracts. But as the on-chain derivatives liquidity leader, $HYPE perfectly absorbed the speculative appetite spilling over from the spot rally, staging a deep-V recovery intraday and serving as an excellent sentiment thermometer for the market.

$BP (Backpack) | Pure Small-Cap Pioneer, Beware of Capacity Ceiling

Key Data: Current Price $0.536 (Peaked at $0.548) | 24h +18.7% | Circulating Market Cap ~$130M | Volume $3.7M+

Logic: Focused on compliant trading and self-custody entry points, it is the purest play that most directly fits SEC exemption clauses. Light float and good token distribution structure allowed hot money to deliver nearly +19% extreme elasticity in the first wave of attack. However, constrained by its $130M market cap, the pool cannot accommodate sustained追加 from billion-dollar institutional capital. After touching $0.548, it entered high-level consolidation.

[NPC] $PYTH / $LINK — "Public Utilities" with Perfect Logic but Minimal Price Movement

$PYTH (Pyth Network) | Perfect Narrative, but Lacking a Value Capture Loop

Key Data: Current Price $0.0585 | 24h +8.5% (Two-day cumulative ~+9%) | Circulating Market Cap ~$460M | Volume ~$33M

Logic: Directly connected to top U.S. equity market makers like Jane Street and Virtu, it holds an irreplaceable high-frequency advantage in price feeds during U.S. market hours. However, because the token economics lack a strong binding mechanism to directly convert "price feed calls" into "token burns/dividends," combined with long-term inflation expectations, the chart is purely passively tracking the broader market recovery.

$LINK (Chainlink) | Indispensable Infrastructure, a Value Trap in the Secondary Market

Key Data: Current Price $11.72 | 24h +5.3% (Two-day cumulative ~+4.5%) | Circulating Market Cap ~$8.75B | Volume $370M+

Logic: Whether it's DTCC partnership, CCIP cross-chain, or Proof of Reserve, real U.S. equity on-chain tokenization absolutely cannot bypass Chainlink technically. But however important a water utility is to a city, it's hard for it to become a speculative target.

$LINK has accumulated years of deeply trapped positions. Every major industry bullish catalyst becomes an exit window for those seeking to break even, and its secondary market elasticity is the worst across the board.

[Completely Sluggish] $ETH / $SOL / $AVAX — Mega-Cap Public Chains Blunted, Capital Extremely Averse to "Distant Water"

$ETH (Ethereum) | The Giant Whose Value Capture Is Siphoned by L2s

Key Data: Current Price ~$2,475 | 24h +1.8% | Circulating Market Cap ~$280B |

Logic: Although the vast majority of tokenized stocks are still issued as ERC-20 tokens, L2 fragmentation prevents the mainnet from capturing substantive fee explosions. Two-day cumulative gain of only +1%~+2%. A massive market cap shows no ripples in the face of bullish news.

$SOL (Solana) | Existing Advantage Cannot Translate into Spot Breakout

Key Data: Current Price $104.7 | 24h +4.5% | Circulating Market Cap ~$61B | Volume $3.5B+

Logic: A hundred-billion-dollar market cap greatly dilutes the beta of any single event; offshore U.S. equity tokens already exist on-chain, leaving no expectation gap. On-chain liquidity remains deeply mired in Meme coin internal zero-sum games, failing to form a concerted effort to push the native token higher. Two-day gain of only 3.5%.

$AVAX (Avalanche) | Institutional Subnet Narrative Collapses, Only Passive Following

Key Data: Current Price $7.84 | 24h +5% | Circulating Market Cap ~$3.46B | Volume $280M

Logic: Avalanche has spent years promoting Evergreen institutional compliant subnets and the Spruce testnet, but the secondary market is extremely pragmatic: it would rather buy a DEX ($UNI) that brings real fee revenue tomorrow than pay for a compliant subnet that institutions might not build for three years. Two-day gain of only 2.5%, completely reduced to a market follower.

3. Friendly Reminders

Don't Fear Heights on the Main Line, Respect the Liquidity Black Hole ($UNI): When large capital herds into a main uptrend, it often pushes to heights beyond expectations. Never blindly buy laggard public chains and infrastructure hoping for a "catch-up rally" just because "it's already gone up a lot."

Elite Tokens Have Different Roles: Small Caps Guard Against Exhaustion, Mid-Caps Wait for Rotation: Watch for $BP's pullback after its spike — liquidity may be siphoned by the leader;

$ONDO is steadily advancing with sufficient turnover, making it the first承接 position when the main uptrend leader takes a breather.

Recognize NPC and Public Chain Traps: In event-driven markets, distinguish between "industry importance" and "token explosiveness." Stay away from public utilities lacking value capture and blunted mega-caps with lengthy realization cycles.