据报道，美国领先的加密货币交易所Coinbase正在向监管部门申请，希望批准在Coinbase平台上发行所谓“代币化股票”。如果获批，Coinbase将与Robinhood和嘉信等股票承销商成为直接的竞争对手。
Coinbase首席法务官保罗・格雷瓦尔在接受路透社采访时表示，Coinbase正在向美国证券交易委员会提出申请，并表示发展代币化证券是该公司目前的“重中之重”。
我们要求Coinbase提供进一步评论。Coinbase也向《财富》证实了这一消息，还提到了格雷瓦尔在社交媒体上发表的一个帖子。他在帖子里写道：“这个消息令人兴奋吗？是的。重要吗？绝对重要。不过这算是突发新闻吗？并不完全是。我们从今年早些时候起就一直强调，美国证监会应推动市场接受代币化证券。代币化的债券、股票和基金更适合对以数字化形式发行和交易的证券进行监管。”
在这篇帖子末尾，格雷瓦尔还附上了一个链接。今年3月份，美国证监会曾就如何加强加密货币监管向公众征求意见，他的这个链接就是Coinbase向证监会回复的意见。这份意见书长达41页，其重点是建议推动证券代币化。
《财富》请求美国证监会就此事予以置评，截至发稿前尚未收到回复。
“代币化证券”，顾名思义，就是将上市公司股票转换成可以在区块链上交易的数字代币，就像比特币等加密货币一样。证券代币化的好处是客户可以全天候交易，因为区块链的交易可以在全天任何时候进行，而不像华尔街的股票交易所一样，受到交易时间的限制。
Coinbase公司的首席财务官阿莱西亚・哈斯今年3月份曾透露，证券代币化一直是Coinbase公司长期追求的目标。2021年，也就是Coinbase公司IPO的那一年，该公司曾尝试将自己的股票代币化投向市场。只是这个计划被拜登政府的证监会主席加里・詹斯勒叫停了。但是特朗普政府对加密货币行业的态度更加友好，因此，Coinbase也有了再度推进证券代币化的热情。
哈斯表示：“我认为，现在美国的监管机构是支持产品创新的，也期望推动行业的发展。我很高兴我们或许能跟证监会特别工作组重启相关对话，也希望我们能够推出代币化证券。”
格雷瓦尔表示，按照美国现行政策，多数提供证券交易服务的公司必须注册为股票经纪商，比如富达，再比如摩根士丹利旗下的 E*Trade公司。但Coinbase并不具备这种资质。Coinbase若想让证监会对代币化证券开绿灯，申请途径之一就是让证监会开据“无异议函”。也就是说让证监会承诺不反对代币化证券，或者不会建议有关部门采取执法行动。
格雷瓦尔指出：“有了证监会开具的无异议函，代币化证券的发行方或者这些证券的二级交易平台就有了一定的信心和保障，这说明证监会已认可这一产品是合规的。”
不过，我们目前尚不清楚Coinbase究竟是想通过“无异议函”，还是想通过其他法律途径，实现代币化证券的合法化。（*）
译者：朴成奎
据报道，美国领先的加密货币交易所Coinbase正在向监管部门申请，希望批准在Coinbase平台上发行所谓“代币化股票”。如果获批，Coinbase将与Robinhood和嘉信等股票承销商成为直接的竞争对手。
Coinbase首席法务官保罗・格雷瓦尔在接受路透社采访时表示，Coinbase正在向美国证券交易委员会提出申请，并表示发展代币化证券是该公司目前的“重中之重”。
我们要求Coinbase提供进一步评论。Coinbase也向《财富》证实了这一消息，还提到了格雷瓦尔在社交媒体上发表的一个帖子。他在帖子里写道：“这个消息令人兴奋吗？是的。重要吗？绝对重要。不过这算是突发新闻吗？并不完全是。我们从今年早些时候起就一直强调，美国证监会应推动市场接受代币化证券。代币化的债券、股票和基金更适合对以数字化形式发行和交易的证券进行监管。”
在这篇帖子末尾，格雷瓦尔还附上了一个链接。今年3月份，美国证监会曾就如何加强加密货币监管向公众征求意见，他的这个链接就是Coinbase向证监会回复的意见。这份意见书长达41页，其重点是建议推动证券代币化。
《财富》请求美国证监会就此事予以置评，截至发稿前尚未收到回复。
“代币化证券”，顾名思义，就是将上市公司股票转换成可以在区块链上交易的数字代币，就像比特币等加密货币一样。证券代币化的好处是客户可以全天候交易，因为区块链的交易可以在全天任何时候进行，而不像华尔街的股票交易所一样，受到交易时间的限制。
Coinbase公司的首席财务官阿莱西亚・哈斯今年3月份曾透露，证券代币化一直是Coinbase公司长期追求的目标。2021年，也就是Coinbase公司IPO的那一年，该公司曾尝试将自己的股票代币化投向市场。只是这个计划被拜登政府的证监会主席加里・詹斯勒叫停了。但是特朗普政府对加密货币行业的态度更加友好，因此，Coinbase也有了再度推进证券代币化的热情。
哈斯表示：“我认为，现在美国的监管机构是支持产品创新的，也期望推动行业的发展。我很高兴我们或许能跟证监会特别工作组重启相关对话，也希望我们能够推出代币化证券。”
格雷瓦尔表示，按照美国现行政策，多数提供证券交易服务的公司必须注册为股票经纪商，比如富达，再比如摩根士丹利旗下的 E*Trade公司。但Coinbase并不具备这种资质。Coinbase若想让证监会对代币化证券开绿灯，申请途径之一就是让证监会开据“无异议函”。也就是说让证监会承诺不反对代币化证券，或者不会建议有关部门采取执法行动。
格雷瓦尔指出：“有了证监会开具的无异议函，代币化证券的发行方或者这些证券的二级交易平台就有了一定的信心和保障，这说明证监会已认可这一产品是合规的。”
不过，我们目前尚不清楚Coinbase究竟是想通过“无异议函”，还是想通过其他法律途径，实现代币化证券的合法化。（*）
译者：朴成奎
Coinbase, the leading crypto exchange in the U.S., is reportedly seeking regulatory approval to offer “tokenized equities” on its platform, a move that would put the company in direct competition with retail brokerages like Robinhood and Charles Schwab.
Paul Grewal, chief legal officer at Coinbase, told Reuters that the company was seeking the go-ahead from the Security and Exchange Commission for the new product, adding that tokenized equities was a “huge priority.”
When asked for additional comment, Coinbase confirmed the news to Fortune, and pointed to an additional social media post from Grewal, in which he wrote: “Exciting? Yes. Important? Absolutely. But breaking news? Not exactly. We’ve been saying since earlier this year that @SECGov should enable markets to unlock tokenized securities. Tokenized debt, equity, and investment funds present an opportunity for tailored regulation for securities that are offered and traded via digitally native methods.”
Grewal followed that up with a link to a March response from Coinbase to a SEC inquiry asking for input from the public about how to regulate the crypto space. The company’s 41-page response to the SEC focused on the advancement of discussions around tokenized equities, among other things.
The SEC did not immediately respond to Fortune’s request for comment.
“Tokenized equities” refers to an investment product in which shares of a publicly-traded company are converted into a digital token that can be traded on a blockchain, as if it were a form of cryptocurrency. That would allow customers to trade these “equities” around the clock, as blockchain transactions can take place at any time of day rather than regular Wall Street trading hours.
Tokenized equities have been a long-time goal for Coinbase. The company first tried to bring digitized stocks to market in 2021, the same year as its initial public offering, by issuing a tokenized version of its own stock, Coinbase’s chief financial officer Alesia Haas said in March of this year. She added the plan was halted by Biden-era SEC chair Gary Gensler, but that under a different presidential administration that has embraced the crypto industry, Coinbase would be renewing its push for tokenized equities.
“I now believe that our U.S. regulators are looking for product innovation and looking to move forward,” she said. “I’m now excited that we may be able to re-engage those conversations with the SEC’s task force, that we may be able to bring forward security tokens.”
Most companies that offer securities trading have to be registered as broker-dealers, like Morgan Stanley’s E*Trade or Fidelity, which Coinbase is not. One way for Coinbase to receive approval from the SEC to offer tokenized equities is by requesting a “no action letter,” Grewal said. That would be a way for the SEC to pledge it would not object to tokenized securities, or recommend an enforcement action.
“With a no action letter, an issuer of a tokenized equity or a platform that wishes to offer secondary trading in those equities can have some confidence, some comfort, that the SEC has adopted its view of why this product is compliant,” Grewal said.
It is not clear whether Coinbase is seeking to gain approval for tokenized securities through a “no action letter” or through some other legal means.