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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！
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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）
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——联合发布了一份关于通证化证券（Tokenized Securities）的声明。( `- \6 @6 t- ^/ X- R* V2 [
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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。7 U7 R% L( @2 m; `$ E
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.）+ u5 d* U5 b2 M# } q& ^+ o
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。
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; X& N( S Q5 M一、时机：为什么是现在？
! @( N7 E! ]) `, ?6 a9 S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：
0 U- c2 \, Z0 s) X+ i' Z( |) K“不要给通证化证券开特殊后门”
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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"。5 ?8 [6 K" K: q6 }; V$ k7 l
7 q: {1 D) c! g0 }; k5 n+ _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。
; h; w: b& Q* P+ b& D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"。
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1 P7 M) R; B9 b: i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。"
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+ R* c( V1 D- j# \ Y. } b7 ]6 l) E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？ h7 B9 |' J d. S
" {/ u, Q3 T! m- K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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