Coinbase重提證券代幣化，意圖取代傳統(tǒng)股票交易所
Catherine McGrath
2025-06-19
保羅·格雷瓦爾自2020年以來擔任Coinbase公司的首席法務官。圖片來源：Bridget Bennett/Bloomberg—Getty Images
據(jù)報道，美國領先的加密貨幣交易所Coinbase正在向監(jiān)管部門申請，希望批準在Coinbase平臺上發(fā)行所謂“代幣化股票”。如果獲批，Coinbase將與Robinhood和嘉信等股票承銷商成為直接的競爭對手。
Coinbase首席法務官保羅?格雷瓦爾在接受路透社采訪時表示，Coinbase正在向美國證券交易委員會提出申請，并表示發(fā)展代幣化證券是該公司目前的“重中之重”。
我們要求Coinbase提供進一步評論。Coinbase也向《財富》證實了這一消息，還提到了格雷瓦爾在社交媒體上發(fā)表的一個帖子。他在帖子里寫道：“這個消息令人興奮嗎？是的。重要嗎？絕對重要。不過這算是突發(fā)新聞嗎？并不完全是。我們從今年早些時候起就一直強調(diào)，美國證監(jiān)會應推動市場接受代幣化證券。代幣化的債券、股票和基金更適合對以數(shù)字化形式發(fā)行和交易的證券進行監(jiān)管?！?/p>
在這篇帖子末尾，格雷瓦爾還附上了一個鏈接。今年3月份，美國證監(jiān)會曾就如何加強加密貨幣監(jiān)管向公眾征求意見，他的這個鏈接就是Coinbase向證監(jiān)會回復的意見。這份意見書長達41頁，其重點是建議推動證券代幣化。
《財富》請求美國證監(jiān)會就此事予以置評，截至發(fā)稿前尚未收到回復。
“代幣化證券”，顧名思義，就是將上市公司股票轉換成可以在區(qū)塊鏈上交易的數(shù)字代幣，就像比特幣等加密貨幣一樣。證券代幣化的好處是客戶可以全天候交易，因為區(qū)塊鏈的交易可以在全天任何時候進行，而不像華爾街的股票交易所一樣，受到交易時間的限制。
Coinbase公司的首席財務官阿萊西亞?哈斯今年3月份曾透露，證券代幣化一直是Coinbase公司長期追求的目標。2021年，也就是Coinbase公司IPO的那一年，該公司曾嘗試將自己的股票代幣化投向市場。只是這個計劃被拜登政府的證監(jiān)會主席加里?詹斯勒叫停了。但是特朗普政府對加密貨幣行業(yè)的態(tài)度更加友好，因此，Coinbase也有了再度推進證券代幣化的熱情。
哈斯表示：“我認為，現(xiàn)在美國的監(jiān)管機構是支持產(chǎn)品創(chuàng)新的，也期望推動行業(yè)的發(fā)展。我很高興我們或許能跟證監(jiān)會特別工作組重啟相關對話，也希望我們能夠推出代幣化證券?！?/p>
格雷瓦爾表示，按照美國現(xiàn)行政策，多數(shù)提供證券交易服務的公司必須注冊為股票經(jīng)紀商，比如富達，再比如摩根士丹利旗下的 E*Trade公司。但Coinbase并不具備這種資質(zhì)。Coinbase若想讓證監(jiān)會對代幣化證券開綠燈，申請途徑之一就是讓證監(jiān)會開據(jù)“無異議函”。也就是說讓證監(jiān)會承諾不反對代幣化證券，或者不會建議有關部門采取執(zhí)法行動。
格雷瓦爾指出：“有了證監(jiān)會開具的無異議函，代幣化證券的發(fā)行方或者這些證券的二級交易平臺就有了一定的信心和保障，這說明證監(jiān)會已認可這一產(chǎn)品是合規(guī)的?！?/p>
不過，我們目前尚不清楚Coinbase究竟是想通過“無異議函”，還是想通過其他法律途徑，實現(xiàn)代幣化證券的合法化。（財富中文網(wǎng)）
譯者：樸成奎
據(jù)報道，美國領先的加密貨幣交易所Coinbase正在向監(jiān)管部門申請，希望批準在Coinbase平臺上發(fā)行所謂“代幣化股票”。如果獲批，Coinbase將與Robinhood和嘉信等股票承銷商成為直接的競爭對手。
Coinbase首席法務官保羅?格雷瓦爾在接受路透社采訪時表示，Coinbase正在向美國證券交易委員會提出申請，并表示發(fā)展代幣化證券是該公司目前的“重中之重”。
我們要求Coinbase提供進一步評論。Coinbase也向《財富》證實了這一消息，還提到了格雷瓦爾在社交媒體上發(fā)表的一個帖子。他在帖子里寫道：“這個消息令人興奮嗎？是的。重要嗎？絕對重要。不過這算是突發(fā)新聞嗎？并不完全是。我們從今年早些時候起就一直強調(diào)，美國證監(jiān)會應推動市場接受代幣化證券。代幣化的債券、股票和基金更適合對以數(shù)字化形式發(fā)行和交易的證券進行監(jiān)管?！?/p>
在這篇帖子末尾，格雷瓦爾還附上了一個鏈接。今年3月份，美國證監(jiān)會曾就如何加強加密貨幣監(jiān)管向公眾征求意見，他的這個鏈接就是Coinbase向證監(jiān)會回復的意見。這份意見書長達41頁，其重點是建議推動證券代幣化。
《財富》請求美國證監(jiān)會就此事予以置評，截至發(fā)稿前尚未收到回復。
“代幣化證券”，顧名思義，就是將上市公司股票轉換成可以在區(qū)塊鏈上交易的數(shù)字代幣，就像比特幣等加密貨幣一樣。證券代幣化的好處是客戶可以全天候交易，因為區(qū)塊鏈的交易可以在全天任何時候進行，而不像華爾街的股票交易所一樣，受到交易時間的限制。
Coinbase公司的首席財務官阿萊西亞?哈斯今年3月份曾透露，證券代幣化一直是Coinbase公司長期追求的目標。2021年，也就是Coinbase公司IPO的那一年，該公司曾嘗試將自己的股票代幣化投向市場。只是這個計劃被拜登政府的證監(jiān)會主席加里?詹斯勒叫停了。但是特朗普政府對加密貨幣行業(yè)的態(tài)度更加友好，因此，Coinbase也有了再度推進證券代幣化的熱情。
哈斯表示：“我認為，現(xiàn)在美國的監(jiān)管機構是支持產(chǎn)品創(chuàng)新的，也期望推動行業(yè)的發(fā)展。我很高興我們或許能跟證監(jiān)會特別工作組重啟相關對話，也希望我們能夠推出代幣化證券?！?/p>
格雷瓦爾表示，按照美國現(xiàn)行政策，多數(shù)提供證券交易服務的公司必須注冊為股票經(jīng)紀商，比如富達，再比如摩根士丹利旗下的 E*Trade公司。但Coinbase并不具備這種資質(zhì)。Coinbase若想讓證監(jiān)會對代幣化證券開綠燈，申請途徑之一就是讓證監(jiān)會開據(jù)“無異議函”。也就是說讓證監(jiān)會承諾不反對代幣化證券，或者不會建議有關部門采取執(zhí)法行動。
格雷瓦爾指出：“有了證監(jiān)會開具的無異議函，代幣化證券的發(fā)行方或者這些證券的二級交易平臺就有了一定的信心和保障，這說明證監(jiān)會已認可這一產(chǎn)品是合規(guī)的?！?/p>
不過，我們目前尚不清楚Coinbase究竟是想通過“無異議函”，還是想通過其他法律途徑，實現(xiàn)代幣化證券的合法化。（財富中文網(wǎng)）
譯者：樸成奎
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.
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