The SEC is about to launch a tokenized stock framework, and this is not just an ordinary regulatory news.

On the surface, the SEC is advancing the digital asset agenda. But the real signal is: Wall Street institutions'布局 in the tokenized stock field has become so deep that the SEC needs to create a separate framework.
Tokenized stocks transforming from experimental products into compliant assets means traditional financial channels are systematically integrating with blockchain.
The underlying structural change is: tokenization is no longer just an extension of the RWA narrative, but Wall Street is redefining the issuance, trading, and clearing processes of on-chain assets using a compliant framework.
Once the framework is implemented, the liquidity of tokenized stocks will no longer rely on native crypto markets but will directly connect to traditional exchanges and custodial systems.
But caution is needed: the compliant framework could also accelerate centralization.
If tokenized stocks are incorporated into traditional securities law frameworks, the decentralized nature of on-chain assets may be weakened—assets are on-chain, but the rules are in Wall Street's hands.
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