[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-sec-rule-611-tokenized-us-equities-proposal-zh":3,"article-related-sec-rule-611-tokenized-us-equities-proposal-zh":31,"series-blockchain-5b34a1b9-b4b7-41cb-9dec-f4d87d3db10d":84},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":23,"views":27,"created_at":28,"published_at":29,"topic_cluster_id":30},"5b34a1b9-b4b7-41cb-9dec-f4d87d3db10d","sec-rule-611-tokenized-us-equities-proposal-zh","SEC 擬撤 611 規則，代幣化美股受惠","\u003Cp data-speakable=\"summary\">SEC 在 2026 年 6 月 12 日提議撤銷 \u003Ca href=\"\u002Fnews\u002Fsec-scrap-rule-611-tokenized-stocks-zh\">Rule\u003C\u002Fa> 611 與 Rule 610(e)，可能放寬代幣化美股的交易限制。\u003C\u002Fp>\u003Cp>美國證券交易委員會 \u003Ca href=\"https:\u002F\u002Fwww.sec.gov\" target=\"_blank\" rel=\"noopener\">SEC\u003C\u002Fa> 6 月 12 日提出修法，打算刪除 Regulation NMS 下的 Rule 611 與 Rule 610(e)。這兩條規則分別管交易穿透\u003Ca href=\"\u002Fnews\u002Fclarity-developer-shield-crypto-policy-zh\">保護\u003C\u002Fa>與鎖定、交叉報價限制，直接影響美股撮合與報價顯示。\u003C\u002Fp>\u003Cp>這次提案不是小修小補，而是把交易所時代的規則，拿去重新檢查是否還適合代幣化股票與鏈上交易。SEC 也同步開放 60 天公眾意見期，市場接下來會先看回饋，再看委員會是否推進。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數值\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>提案日期\u003C\u002Ftd>\u003Ctd>2026 年 6 月 12 日\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>公眾評論期\u003C\u002Ftd>\u003Ctd>60 天\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Rule 611\u003C\u002Ftd>\u003Ctd>Trade-through protection\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Rule 610(e)\u003C\u002Ftd>\u003Ctd>Locked and crossed quote limits\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Project Crypto 啟動\u003C\u002Ftd>\u003Ctd>2025 年 8 月\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>發生了什麼\u003C\u002Fh2>\u003Cp>SEC 的核心動作，是考慮撤銷 Rule 611。這條規則要求股票交易不能穿過更好的掛單，原本是為了保護投資人拿到較佳價格。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781555571080-57zc.png\" alt=\"SEC 擬撤 611 規則，代幣化美股受惠\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>同時被點名的還有 Rule 610(e)。它限制不同交易場域出現鎖定或交叉報價，背後邏輯是維持美股報價秩序，但也讓多 venue 的設計變得更硬。\u003C\u002Fp>\u003Cp>SEC 主席 \u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002Fabout\u002Fcommissioners\u002Fpaul-atkins\" target=\"_blank\" rel=\"noopener\">Paul Atkins\u003C\u002Fa> 表示，監管機關正在檢視這些規則在過去二十年是否產生了非預期效果。換句話說，SEC 不再只問「有沒有保護市場」，也開始問「這套保護是不是卡住新型交易」。\u003C\u002Fp>\u003Cp>對代幣化美股來說，問題很直接。\u003Ca href=\"https:\u002F\u002Fwww.galaxy.com\" target=\"_blank\" rel=\"noopener\">Galaxy\u003C\u002Fa> 研究主管 \u003Ca href=\"https:\u002F\u002Fx.com\u002FAlexThorn\" target=\"_blank\" rel=\"noopener\">Alex Thorn\u003C\u002Fa> 指出，\u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 的自動化做市模型不是照傳統交易所那樣逐筆路由訂單，而是直接對流動性池定價，這和現行 quote-based 架構不太合拍。\u003C\u002Fp>\u003Cul>\u003Cli>傳統交易所靠最佳報價與路由規則運作。\u003C\u002Fli>\u003Cli>AMM 依流動性池定價，不會逐一掃描所有掛單。\u003C\u002Fli>\u003Cli>代幣化股票若進入鏈上池子，可能碰到 trade-through 衝突。\u003C\u002Fli>\u003Cli>SEC 這次開放 60 天評論，代表流程才剛開始。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>為什麼重要\u003C\u002Fh2>\u003Cp>如果這次修法往前走，代幣化美股在合規框架內的活動空間會變大。對\u003Ca href=\"\u002Fnews\u002Fclarity-act-lets-devs-ship-without-broker-risk-zh\">開發者\u003C\u002Fa>來說，這代表產品不必再完全模仿傳統券商路由，鏈上股票池、AMM、混合型撮合引擎都可能有更清楚的設計邊界。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781555567571-paop.png\" alt=\"SEC 擬撤 611 規則，代幣化美股受惠\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>對產業端來說，影響不只在 crypto-native 平台。券商、交易所、tokenization 新創都得重新思考：股票若以鏈上憑證形式流通，該沿用舊的報價保護，還是改採更寬的 best-execution 框架。\u003C\u002Fp>\u003Cp>這也接上 SEC 自 2025 年 8 月啟動的 \u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002Fnewsroom\u002Fpress-releases\u002F2025-??\" target=\"_blank\" rel=\"noopener\">Project Crypto\u003C\u002Fa>。從監管節奏看，這次不是單點調整，而是市場結構規則開始回頭處理\u003Ca href=\"\u002Ftag\u002F區塊鏈\">區塊鏈\u003C\u002Fa>資產的現實需求。\u003C\u002Fp>\u003Cp>真正的看點不是「能不能上鏈」，而是監管願不願意為鏈上股票重新定義交易保護。SEC 若改寫這一條，下一批受影響的，會是整個美股代幣化產品線。\u003C\u002Fp>\u003Cp>問題只剩一個：美國市場要繼續用交易所年代的報價規則，還是為代幣化資產與 AMM 交易另開一套標準？\u003C\u002Fp>","SEC 於 6 月 12 日提議撤銷 Regulation NMS 的 Rule 611 與 610(e)，若通過，代幣化美股與 AMM 交易模式可望獲得更大操作空間。","coincentral.com","https:\u002F\u002Fcoincentral.com\u002Fsec-rule-611-proposal-may-unlock-tokenized-us-equities\u002F",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781555571080-57zc.png","blockchain","zh","bd5b4512-e795-41e4-ab48-d82a822fb636",[17,18,19,20,21,22],"SEC","Regulation NMS","tokenized equities","Rule 611","Rule 610(e)","AMM",[24,25,26],"SEC 提議撤銷 Rule 611 與 Rule 610(e)，直接碰到美股報價與交易保護核心。","代幣化美股與 AMM 模式可能因此獲得更大合規空間。","這次修法若推進，券商、交易所與 tokenization 平台都得重寫產品設計。",0,"2026-06-15T20:32:22.766421+00:00","2026-06-15T20:32:22.731+00:00","b172608a-41a9-4f92-8a53-8ea9ddd1fab1",{"tags":32,"relatedLang":43,"relatedPosts":47},[33,35,37,39,41],{"name":17,"slug":34},"sec",{"name":19,"slug":36},"tokenized-equities",{"name":21,"slug":38},"rule-610e",{"name":20,"slug":40},"rule-611",{"name":18,"slug":42},"regulation-nms",{"id":15,"slug":44,"title":45,"language":46},"sec-rule-611-tokenized-us-equities-proposal-en","SEC Rule 611 Proposal Could Open Tokenized US Equities","en",[48,54,60,66,72,78],{"id":49,"slug":50,"title":51,"cover_image":52,"image_url":52,"created_at":53,"category":13},"467ba017-2850-42df-84b9-f239e7107309","botanix-shutdown-proves-bitcoin-defi-lacks-demand-zh","Botanix 關停證明 Bitcoin DeFi 仍缺需求","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781563665922-5u7r.png","2026-06-15T22:47:19.856631+00:00",{"id":55,"slug":56,"title":57,"cover_image":58,"image_url":58,"created_at":59,"category":13},"ca2ffb85-92b4-4878-89e6-482c162c8ad1","sec-scrap-rule-611-tokenized-stocks-zh","SEC 要拆 Rule 611，代幣化股票鬆綁了","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781554669341-kflb.png","2026-06-15T20:17:25.363402+00:00",{"id":61,"slug":62,"title":63,"cover_image":64,"image_url":64,"created_at":65,"category":13},"ad59325e-b57d-4f61-a097-35a889fd086c","bitcoin-rebounds-us-iran-deal-stablecoin-plans-grow-zh","Bitcoin反彈，日銀系穩定幣加速","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781552875839-spnq.png","2026-06-15T19:47:31.229449+00:00",{"id":67,"slug":68,"title":69,"cover_image":70,"image_url":70,"created_at":71,"category":13},"dc6ef675-3129-4888-9953-2008d80ab999","clarity-act-lets-devs-ship-without-broker-risk-zh","CLARITY Act 讓開發者少背 broker 風險","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781551120479-vla1.png","2026-06-15T19:17:56.066963+00:00",{"id":73,"slug":74,"title":75,"cover_image":76,"image_url":76,"created_at":77,"category":13},"77655d9c-898e-451c-a1b4-58c06fcf7ee1","clarity-developer-shield-crypto-policy-zh","CLARITY 開發者保護線怎麼劃","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781550171337-0z5p.png","2026-06-15T19:02:22.020867+00:00",{"id":79,"slug":80,"title":81,"cover_image":82,"image_url":82,"created_at":83,"category":13},"52bbbeb4-f391-4d6d-a365-a4d2de5cf72a","ufc-white-house-fighters-trump-crypto-conflict-zh","把 UFC 選手獎金發成 Trump 代幣，不是福利，是利益衝突","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781547476913-qai0.png","2026-06-15T18:17:24.947972+00:00",[85,90,95,100,105,110,115,120,125,130],{"id":86,"slug":87,"title":88,"created_at":89},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 付款","2026-03-28T03:08:33.379969+00:00",{"id":91,"slug":92,"title":93,"created_at":94},"e72bae29-ddbd-437b-aaa4-cd662605394b","next-gen-crypto-simulators-ai-web3-training-zh","新一代加密模擬器更聰明了","2026-04-01T09:36:33.917023+00:00",{"id":96,"slug":97,"title":98,"created_at":99},"b8e39b58-6b9d-4714-92d3-26df18a3e0f4","rtk-cuts-claude-code-token-spend-zh","RTK 讓 Claude Code 少燒 Token","2026-04-01T10:24:29.259497+00:00",{"id":101,"slug":102,"title":103,"created_at":104},"7ff10146-4ca0-4670-a02c-384dde04f610","trm-labs-ai-agents-crypto-investigations-zh","TRM Labs 將 AI agent 帶進加密調查","2026-04-01T10:33:30.166266+00:00",{"id":106,"slug":107,"title":108,"created_at":109},"00668dea-9f0e-4019-b861-03817d5a8877","how-web3-marketing-changed-in-2026-zh","2026 Web3 行銷怎麼變了","2026-04-02T01:36:34.973322+00:00",{"id":111,"slug":112,"title":113,"created_at":114},"e7992274-42ee-40bc-bb05-97250098c56c","ai-agentic-defi-web3-grants-march-2026-zh","AI、Agentic DeFi 與 Web3 補助案","2026-04-02T05:51:36.857954+00:00",{"id":116,"slug":117,"title":118,"created_at":119},"5cef810b-af3d-467a-8b41-627769eca895","why-crypto-is-fixated-on-ai-agents-zh","為何加密圈盯上 AI Agent","2026-04-02T05:54:28.919864+00:00",{"id":121,"slug":122,"title":123,"created_at":124},"d30e6203-d522-41a1-b529-fcf4499cd985","web3-explained-what-it-is-why-it-matters-zh","Web3 是什麼，為何重要","2026-04-02T06:15:32.580114+00:00",{"id":126,"slug":127,"title":128,"created_at":129},"f29e65ae-64df-463b-ba22-afd9dcbd0f8f","trust-wallet-agent-kit-ai-trade-25-chains-zh","Trust Wallet 讓 AI 幫你交易","2026-04-02T06:27:33.183404+00:00",{"id":131,"slug":132,"title":133,"created_at":134},"91022b4c-b53e-4c18-abfe-914a8eca6e28","blockchain-in-ai-real-use-cases-zh","區塊鏈加 AI，真實落地在哪裡","2026-04-02T06:30:44.026286+00:00"]