#美联储重启降息步伐 The U.S. crypto regulatory storm is intensifying, with traditional finance and blockchain camps clashing fiercely.

Recently, an HSBC research report ignited this public debate—the U.S. SEC and other regulatory agencies are embroiled in fierce arguments over the regulatory framework for "tokenized U.S. stocks." Simply put, this means transferring shares of publicly listed companies like Apple and Tesla onto the blockchain, turning them into tradable digital tokens. It sounds innovative, but here comes the problem: Who will regulate this? How should it be regulated? This has become the new battleground between Wall Street and the crypto community.

Both sides have made their positions clear. Wall Street is taking a tough stance—major traditional financial institutions have filed documents with the SEC, firmly demanding that most decentralized trading protocols be included in the definition of "exchange" and be subject to the same regulatory intensity as Nasdaq and the NYSE. The crypto industry is also pushing back, calling for differentiated rules and arguing that copying the traditional framework would directly stifle innovation.

Regulators are taking a position somewhere in between. The SEC Chairman has publicly emphasized the need to find a balance between compliance and innovation, but HSBC's analysis points out that regulators will never allow the rules for on-chain stock trading to be more lenient than those for existing centralized exchanges. This red line is basically set.

Several SEC commissioners have also sounded the alarm—tokenized stocks could pose new types of investor risks. Based on this assessment, the future regulatory approach may adopt a "regulatory sandbox" model. Simply put, this means that under strict experimental conditions, a few platforms may be allowed to pilot tokenized stock trading first, and after clarifying the risk boundaries, industry rules would be formulated. This gradual approach could potentially pave the way for tokenized stock trading.

Congress is moving quickly as well. On December 10, heavyweight bipartisan senators Gillibrand and Lummis signaled a key development: they plan to release a draft of the CLARITY Act before the weekend and hold a hearing next week. The House has already passed related legislation, while the Senate Banking Committee and Agriculture Committee are vying for legislative leadership. The core issue in this internal competition is how to define the respective powers of the SEC and CFTC (Commodity Futures Trading Commission), and whether to introduce new concepts such as "ancillary assets."

With things having reached this point, you could say a storm is brewing. The future of tokenized U.S. stocks depends on the outcome of this regulatory tug of war. Will Wall Street succeed in subjecting this emerging financial sector to strict regulation? Will the crypto industry secure differentiated policy space? Mainstream tokens like $ETH and $BNB, as well as the entire on-chain financial ecosystem, are all waiting for the answer.