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代币化证券或分流IPO流动性,Citadel建言SEC:保持审慎,放慢审批
Hua Er Jie Jian Wen·2025-07-22 06:57

Core Viewpoint - Citadel Securities urges the SEC to slow down the regulation of tokenized securities, warning that this emerging financial tool may unexpectedly impact traditional capital markets [1][2] Group 1: Concerns about Tokenized Securities - Citadel highlights that tokenized securities could divert funds from an already weak IPO market, providing private companies with an alternative financing channel [1][3] - The company expresses concern that tokenized securities may create new liquidity pools that institutional investors, due to risk management policies or fiduciary duties, cannot participate in [3] - The absence of institutional investors could affect market depth and price discovery efficiency [3] Group 2: Regulatory Approach - Citadel emphasizes the need for the SEC to advance tokenization through formal rule-making processes rather than hastily relaxing regulations [1][4] - The recent regulatory victory for the digital asset industry, with the stablecoin legislation coming into effect, underscores the importance of balancing innovation and regulatory caution [4] Group 3: Support for Tokenized Securities - Supporters of tokenized securities envision a more efficient trading environment, enabling 24/7 trading, instant settlement, and enhanced liquidity [5] - Digital asset trading platforms like Coinbase and Robinhood view tokenized securities as an opportunity to expand their service offerings and attract more users [6]