🚨Global regulatory landscape shift: U.S. stocks on-chain + round-the-clock trading, SEC/CFTC takeover, Vietnam issues licenses! Has the bull market’s script changed?

1️⃣. SEC promotes round-the-clock U.S. stock trading
Nasdaq’s 23-hour trading system has been approved and will launch on December 6, breaking a century-old tradition of trading hours. The time gap between U.S. stocks and crypto markets will disappear, strengthening their linkage.

2️⃣. SEC opens the door to an “innovation exemption”
The five-year temporary framework allows tokenized U.S. stocks to trade on-chain, opening the door to a $77 trillion market. Platforms will be temporarily exempt from being classified as “exchanges,” and market makers will be exempt from registration, but tokens must carry genuine dividend and voting rights. Synthetic tokens are not covered.

3️⃣. CFTC submits proposal for White House review within two days
The CLARITY Act was rejected on September 15, and the CFTC sent its crypto regulatory plan to the White House on September 17. The speed of executive action far exceeded expectations, but binding rules may not take effect until the end of 2027.

4️⃣. Vietnam issues its first batch of crypto licenses
A maximum of five licenses will be approved, with minimum registered capital of approximately $380 million and a 49% cap on foreign ownership. Asian regulation is moving from ambiguity toward licensed operations, and the global regulatory race has begun.

Three core judgments:

① U.S. regulation is shifting from “congressional legislation” to “executive action first”;
② The boundary between traditional finance and crypto finance is disappearing, and stocks are becoming programmable on-chain assets;
③ The global regulatory race has begun; whoever establishes clear rules first will attract capital and talent.

The medium- to long-term outlook is definitively positive, but do not chase the rally in the short term. The SEC exemption is a five-year temporary framework, CFTC rules may not be implemented until 2027, and interest-rate hikes are still suppressing the market. Watch the tokenization sector, control your position size, and do not let short-term volatility disrupt your rhythm. #Gate股票永续合约覆盖数量行业第一 #日本央行加息至1.25%创31年新高