绕开美国监管，币安加密交易所重启“美股代币”，创造一个平行世界的股市

Core Insights - Major cryptocurrency exchanges are competing to launch crypto token products that track U.S. stocks, creating a parallel stock market outside the U.S. regulatory framework, allowing overseas investors to bypass traditional brokerage restrictions on trading U.S. stocks, raising concerns about market manipulation and regulatory arbitrage [1][4] Group 1: Market Trends - Binance is exploring the reintroduction of stock tokens after previously halting them due to regulatory warnings from Germany in 2021 [1][3] - Other exchanges like OKX, Kraken, and Bitget are also considering or have made progress in offering tokenized stocks, with Kraken reporting strong demand from clients in Europe, Latin America, and Asia [2][3] - The total value of circulating tokenized stocks is currently $915 million, reflecting a 19% increase over the past month, although this remains small compared to the $60 trillion market capitalization of the S&P 500 [1][3] Group 2: Regulatory Landscape - U.S. lawmakers and regulators have yet to determine how to handle tokenized stocks, which has stalled a cryptocurrency market structure bill in Congress [4][5] - Coinbase is advocating for modifications to the bill to allow certain exemptions for tokenized stock products from existing securities rules, believing blockchain technology makes some rules unnecessary [5] Group 3: Risks and Challenges - Tokenized stocks are not actual equity but are issued by third parties like xStocks and Ondo Finance, which purchase U.S. stocks and place them in offshore special purpose entities [3][6] - The trading volume of tokenized stocks is still low and concentrated on popular stocks, making them susceptible to market manipulation due to their small scale [3][6] - The structure of tokenized stocks poses risks, as companies may either buy stocks and place them in special entities or use financial derivatives, which can lead to potential issues for investors [6]