This move by the SEC appears to be decentralizing on the surface but actually tightening control, locking tokenized stocks into their own regulatory cage. Trying to hijack offshore liquidity? No way.

According to Mars Finance, the SEC is pushing forward the "Innovation Exemption" framework, allowing third parties to tokenize listed stocks without approval from the issuer. Tiger Research Director Ryan Yoon pointed out that this move will lead to fragmentation of liquidity and revenue, with funds possibly flowing overseas or to competing platforms, weakening the competitiveness of the U.S. financial sector. He compared traditional exchanges to monopolistic supermarkets, while tokenized stocks are like street vendors, which will significantly change market concentration. The SEC's goal is to keep global financial revenue within the domestic regulatory scope.