Hua Er Jie Jian Wen·2025-09-13 02:33Group 1 - The article highlights a historic breakthrough for tokenized securities in the U.S. capital markets, marked by a fundamental shift in regulatory stance, significant actions from leading institutions, and the proactive attempts of the first publicly listed company [1][2] - SEC Chairman Paul S. Atkins announced a departure from a strict enforcement approach to a supportive stance for digital asset innovation, stating that "most crypto tokens are not securities" and promising clear guidance for on-chain financing [1][2][4] - Nasdaq's CEO Adena Friedman committed to integrating tokenization technology into the core stock market, moving beyond off-exchange trading, and announced a transition to a "24×5" trading model with the ultimate goal of 7-day continuous trading [1][5][6] Group 2 - BlackRock is exploring the conversion of ETFs into blockchain tokens, with its $2 billion tokenized money market fund BUIDL demonstrating market demand, indicating a potential transformation in one of Wall Street's key investment products [1][6] - The tokenization of ETFs is expected to bring three core changes: extended trading hours, easier access for global investors, and new collateral uses within the crypto network [6][7] - Galaxy Digital became the first publicly listed company to actively tokenize SEC-registered stock on the blockchain, allowing shareholders to tokenize their Class A common stock on the Solana network [1][8] Group 3 - Analysts believe these developments signify a critical turning point in the migration of Wall Street infrastructure to blockchain, with advantages such as 24-hour trading and instant settlement moving from concept to reality [1][10] - Goldman Sachs trader Mark Wilson emphasized the significant potential impact of Galaxy Digital's stock tokenization on capital market structure, noting the increasing clarity of blockchain's role in empowering capital markets [1][9][10] - The SEC's new "crypto project" aims to provide certainty regarding the securities status of crypto assets, ensure entrepreneurs can raise funds on-chain without legal concerns, and allow for innovation in trading platforms under a unified regulatory framework [4][5]