美国证券转让协会游说SEC：第三方股票代币或威胁市场完整性

Odaily Planet Daily reported that as the competition for tokenizing capital markets heats up, the Securities Transfer Association (STA) recently submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), warning that stock tokens issued by third-party institutions could undermine market integrity and urging regulators to prioritize support for tokenized securities authorized by listed companies in future rulemaking.

The STA represents multiple Wall Street transfer agents. Its members believe that truly tokenized stocks should be formally authorized by the issuing company and recorded on the official shareholder register, rather than being "wrapped" token products created by independent platforms.

The association pointed out that third-party stock tokens could confuse investors about the actual equity they hold and expose them to platform credit, custody, and operational risks without establishing a direct legal relationship with the listed company. Therefore, any innovation exemptions, pilot programs, or permanent regulatory frameworks for tokenized securities should prioritize issuer-supported models. The STA also urged the SEC to reform the existing Direct Registration System (DRS), arguing that the current U.S. securities depository system struggles to meet the demands of on-chain securities for real-time transfer and settlement, and recommended that regulators collaborate with the Depository Trust & Clearing Corporation (DTCC) to optimize digital securities infrastructure.

Currently, the global tokenized stock market, valued at approximately $2 billion, is primarily dominated by third-party models, including products launched by Ondo Finance and Kraken, while institutions like Securitize and Figure adopt the issuer-authorized model. (CoinDesk)