US SEC delays approval of "RWA tokenized US stocks"! Wall Street worries 24/7 trading will fragment market liquidity

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The U.S. Securities and Exchange Commission (SEC) originally planned to introduce an "innovation exemption" to allow the trading of blockchain-based Tokenized Stocks. However, facing strong opposition from traditional financial institutions, the SEC has decided to pause. Wall Street is concerned that 24/7 trading of tokenized stocks will lead to "liquidity fragmentation" and raise investor protection concerns. (Previous coverage: U.S. SEC relaxes financial reporting threshold for 80% of companies; Chairman Paul Atkins declares: Make IPOs Great Again) (Background: SEC scraps $25,000 day trading threshold! 25-year-old PDT rule officially abolished on 6/4) The direct confrontation between traditional financial giants and cryptocurrency innovation has forced a pause in the highly anticipated progress of "Tokenized Stocks." According to a recent report by Bloomberg, the SEC has decided to postpone a plan known as the "innovation exemption." The plan was originally intended to allow cryptocurrency companies and DeFi platforms to issue blockchain-based token versions tracking U.S.-listed companies like Apple and Tesla, enabling 24/7 trading, faster settlement speeds, and fractional ownership. The SEC's concession stems primarily from strong backlash from traditional Wall Street exchanges and market participants. The opposition focuses on three core issues: - Liquidity Fragmentation: Traditional financial institutions worry that if the crypto stock token market runs parallel to the traditional stock market, it will severely disperse trading volume, thereby undermining the existing price discovery mechanism and overall market efficiency of the stock market. - Investor Protection Blind Spots: Many tokenized stocks are minted by third-party platforms without the consent of the issuing companies (e.g., Apple). Such tokens often do not grant holders full dividend distribution rights or shareholder voting rights, posing higher legal and investment risks for retail investors. - Regulatory Caution: Although current SEC Chairman Paul Atkins is known for his relatively friendly stance toward cryptocurrency, the SEC has chosen to pause and collect broader market feedback before advancing the framework in the face of immense pressure from the traditional financial sector. Although the SEC has suspended the full-scale approval of tokenized stocks, the macro trend of bringing Real World Assets (RWA) on-chain is already unstoppable. Data indicates that the total value of the RWA market has soared past $33.8 billion, experiencing explosive growth of 1,600% in just the past two years. Among this, the market capitalization of tokenized stocks alone has exceeded $1 billion. In this wave, Ethereum remains the absolute primary issuance platform, followed closely by Solana; institutional-grade products like the BUIDL fund launched by asset management giant BlackRock further prove the strong desire and genuine demand of traditional capital for blockchain technology. While the "innovation exemption" plan is temporarily stalled, this does not mean that tokenized stocks are dead on arrival. Sources reveal that the SEC is still actively reviewing the relevant framework and is highly likely to introduce a more refined regulatory version later this year after attempting to address concerns regarding investor protection and liquidity fragmentation. This incident deeply reflects the ongoing struggle and growing pains that are inevitable between the disruptive efficiency of Decentralized Finance (DeFi) and the stability pursued by traditional financial markets.

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