[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-sec-scrap-rule-611-tokenized-stocks-zh":3,"article-related-sec-scrap-rule-611-tokenized-stocks-zh":35,"series-blockchain-ca2ffb85-92b4-4878-89e6-482c162c8ad1":88},{"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":26,"views":31,"created_at":32,"published_at":33,"topic_cluster_id":34},"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","\u003Cp data-speakable=\"summary\">SEC 提議撤銷 Rule 611 與 610(e)，可能解除\u003Ca href=\"\u002Fnews\u002Fufc-white-house-fighters-trump-crypto-conflict-zh\">代幣\u003C\u002Fa>化美股上鏈交易的最大法規障礙，也讓 \u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 型股票池更接近合規。\u003C\u002Fp>\u003Cp>說真的，這件事很重要。\u003Ca href=\"https:\u002F\u002Fwww.sec.gov\" target=\"_blank\" rel=\"noopener\">SEC\u003C\u002Fa> 在 6 月 11 日提案，要撤掉 Rule 611 和 Rule 610(e)。這兩條規則從 2005 年就卡在美股市場結構裡。\u003C\u002Fp>\u003Cp>對傳統券商來說，這套規則很熟。對代幣化股票來說，這套規則很煩。因為 \u003Ca href=\"https:\u002F\u002Fwww.uniswap.org\" target=\"_blank\" rel=\"noopener\">Uniswap\u003C\u002Fa> 這類 AMM 的撮合方式，根本不是照 NBBO 一筆一筆比價。\u003C\u002Fp>\u003Cp>講白了，這不是單純改法條。這是在問一件事：美股能不能真的跑到 DeFi 軌道上。答案如果往前走，影響會很直接。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數字\u003C\u002Fth>\u003Cth>意義\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Rule 611 採用年份\u003C\u002Ftd>\u003Ctd>2005\u003C\u002Ftd>\u003Ctd>建立交易穿透禁止規則\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SEC 公開評論期\u003C\u002Ftd>\u003Ctd>60 天\u003C\u002Ftd>\u003Ctd>先收意見，再決定是否定案\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Project Crypto 啟動\u003C\u002Ftd>\u003Ctd>2025 年 8 月\u003C\u002Ftd>\u003Ctd>SEC 數位資產市場現代化計畫\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>TD Cowen 預估最終表決\u003C\u002Ftd>\u003Ctd>2027 年 Q1\u003C\u002Ftd>\u003Ctd>撤規流程可能拖到明年後年\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>Rule 611 為什麼會卡住代幣化股票\u003C\u002Fh2>\u003Cp>Rule 611 也叫 Order Protection Rule。它要求交易不能穿透其他交易所的最佳報價。白話一點，就是不能在別家有更好價格時，還拿比較差的價格成交。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781554669341-kflb.png\" alt=\"SEC 要拆 Rule 611，代幣化股票鬆綁了\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>這條規則放在 2005 年，邏輯算合理。那時候美股市場碎片化，交易所很多，價格\u003Ca href=\"\u002Fnews\u002Fclarity-developer-shield-crypto-policy-zh\">保護\u003C\u002Fa>很重要。可惜它碰上今天的 on-chain 交易，就開始不對勁。\u003C\u002Fp>\u003Cp>AMM 不會先去各家交易所查 NBBO，再決定要不要成交。它直接根據池子裡的流動性和公式報價。這代表只要你把股票代幣放進 AMM，幾乎每次成交都可能踩到 trade-through 問題。\u003C\u002Fp>\u003Cul>\u003Cli>Rule 611 禁止穿透更優價格。\u003C\u002Fli>\u003Cli>Rule 610(e) 禁止 locked 和 crossed quotation。\u003C\u002Fli>\u003Cli>AMM 不能逐筆等外部報價確認。\u003C\u002Fli>\u003Cli>所以代幣化股票很難直接套用舊規則。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>這也是為什麼很多人一直說，代幣化股票不是技術問題而已。它其實是市場結構問題。你用 2026 的軟體，去撞 2005 的規則，當然會出事。\u003C\u002Fp>\u003Ch2>SEC 想換成什麼玩法\u003C\u002Fh2>\u003Cp>這次提案不是放飛自我。SEC 想往 best execution 的原則走，也就是把責任放在 broker-dealer 身上，而不是每一筆 atomic trade 都要硬對 NBBO。\u003C\u002Fp>\u003Cp>這種設計對代幣化資產比較友善。券商如果把客戶接到 DeFi 流動性池，只要能證明內部政策合理、結果接近最佳執行，就有機會過關。\u003C\u002Fp>\u003Cp>這比現在那套死板規則實際多了。因為 on-chain 交易看的是即時流動性，不是傳統 order book 的逐層掛單。你要它每次都照舊規則走，等於叫 F1 車去跑鄉間小路。\u003C\u002Fp>\u003Cblockquote>“After 2 decades of Rule 611, it is high time that the SEC review its unintended consequences that have hindered the long-term growth of our markets,” Paul Atkins said on June 11, 2026.\u003C\u002Fblockquote>\u003Cp>SEC 委員 Hester Peirce 也支持這個方向。她的說法很直白，舊的 Order Protection Rule 反而助長了市場混亂，還壓住了創新。你可以不同意她的結論，但至少她點出一件事：舊規則不一定適合新市場。\u003C\u002Fp>\u003Cp>如果這次撤規真的過關，代幣化美股就不會一直卡在灰色地帶。監管可以管，產品也能做，這才像一個能落地的框架。\u003C\u002Fp>\u003Ch2>市場早就在等這一步\u003C\u002Fh2>\u003Cp>這不是紙上談兵。\u003Ca href=\"https:\u002F\u002Fwww.robinhood.com\" target=\"_blank\" rel=\"noopener\">Robinhood\u003C\u002Fa> 和 \u003Ca href=\"https:\u002F\u002Fwww.kraken.com\" target=\"_blank\" rel=\"noopener\">Kraken\u003C\u002Fa> 都在碰代幣化股票。\u003Ca href=\"https:\u002F\u002Fwww.rwa.xyz\" target=\"_blank\" rel=\"noopener\">RWA.xyz\u003C\u002Fa> 也一直在追蹤這波 real-world asset 進展。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781554670931-kfc9.png\" alt=\"SEC 要拆 Rule 611，代幣化股票鬆綁了\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>另外，SEC 之前也準備過一套 innovation exemption。它的目標是讓 1:1 backed 的代幣化美股，在合格保管機構下運作。問題是，傳統交易所一抗議，執行面就被拉住了。\u003C\u002Fp>\u003Cp>現在看起來，Rule 611 就是那塊最難搬的石頭。只要它還在，很多 on-chain 股票產品就只能做 demo，不能做正式市場基礎設施。\u003C\u002Fp>\u003Cul>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.citigroup.com\" target=\"_blank\" rel=\"noopener\">Citi\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.dtcc.com\" target=\"_blank\" rel=\"noopener\">DTCC\u003C\u002Fa> 都在做鏈上結算相關基礎建設。\u003C\u002Fli>\u003Cli>日本已把 crypto 重新往金融工具方向拉。\u003C\u002Fli>\u003Cli>TD Cowen 預估最終表決可能拖到 2027 年 Q1。\u003C\u002Fli>\u003Cli>SEC 的 Project Crypto 在 2025 年 8 月啟動。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>這些訊號放在一起，很清楚。市場不是在等一個新玩具，而是在等一套能接上現有金融系統的規則。\u003C\u002Fp>\u003Cp>如果美國拖太久，產品和資金就會往別的法域跑。這種事情很現實。\u003Ca href=\"\u002Fnews\u002Fclarity-act-lets-devs-ship-without-broker-risk-zh\">開發者\u003C\u002Fa>不會陪監管慢慢磨，哪邊能上線，哪邊就先做。\u003C\u002Fp>\u003Ch2>接下來會怎麼走\u003C\u002Fh2>\u003Cp>現在只是提案，不是定案。接下來還有 60 天評論期，之後才會進到更長的審議流程。所以代幣化股票不會今天就全面合法。\u003C\u002Fp>\u003Cp>但方向已經很明確。SEC 不再把 Rule 611 當成神主牌，而是當成 2005 年留下來的舊框架。這個態度差很多。\u003C\u002Fp>\u003Cp>我覺得接下來最值得盯的，是券商、交易平台、以及鏈上流動性池怎麼接。誰能把合規和 on-chain 執行一起做起來，誰就有機會先吃到這塊市場。\u003C\u002Fp>\u003Cp>如果你在做 \u003Ca href=\"\u002Ftag\u002Fweb3\">Web3\u003C\u002Fa>、券商系統，或是 RWA 產品，現在就該開始看這份提案。下一步不是等新聞，而是先想好你的交易、保管、結算流程要怎麼改。\u003C\u002Fp>\u003Cp>我的判斷很直接：這次如果真的撤掉 Rule 611，代幣化美股會從「概念」往「可監管產品」跨一步。問題只剩下，誰先把工程做對。\u003C\u002Fp>","SEC 提議撤銷 Rule 611 與 610(e)，可能解除代幣化美股上鏈交易的最大法規障礙，也讓 DeFi 型股票池更接近合規。","cryptonews.com","https:\u002F\u002Fcryptonews.com\u002Fnews\u002Fsec-rule-611-rescission-tokenized-stocks\u002F",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781554669341-kflb.png","blockchain","zh","298bafb4-626e-4438-8122-f50d990b3c5c",[17,18,19,20,21,22,23,24,25],"SEC","Rule 611","tokenized stocks","DeFi","Regulation NMS","代幣化股票","美股","RWA","Project Crypto",[27,28,29,30],"SEC 提議撤銷 Rule 611 和 610(e)，目標是調整 2005 年的美股市場結構。","對 AMM 和 DeFi 型股票池來說，這可能移除最大的合規障礙。","未來重點會落在 best execution、券商責任與鏈上結算整合。","如果提案通過，代幣化美股更可能從 demo 走向受監管產品。",0,"2026-06-15T20:17:25.363402+00:00","2026-06-15T20:17:25.357+00:00","b172608a-41a9-4f92-8a53-8ea9ddd1fab1",{"tags":36,"relatedLang":47,"relatedPosts":51},[37,39,41,43,45],{"name":17,"slug":38},"sec",{"name":19,"slug":40},"tokenized-stocks",{"name":18,"slug":42},"rule-611",{"name":21,"slug":44},"regulation-nms",{"name":20,"slug":46},"defi",{"id":15,"slug":48,"title":49,"language":50},"sec-scrap-rule-611-tokenized-stocks-en","SEC Moves to Scrap Rule 611 for Tokenized Stocks","en",[52,58,64,70,76,82],{"id":53,"slug":54,"title":55,"cover_image":56,"image_url":56,"created_at":57,"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":59,"slug":60,"title":61,"cover_image":62,"image_url":62,"created_at":63,"category":13},"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","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781555571080-57zc.png","2026-06-15T20:32:22.766421+00:00",{"id":65,"slug":66,"title":67,"cover_image":68,"image_url":68,"created_at":69,"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":71,"slug":72,"title":73,"cover_image":74,"image_url":74,"created_at":75,"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":77,"slug":78,"title":79,"cover_image":80,"image_url":80,"created_at":81,"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":83,"slug":84,"title":85,"cover_image":86,"image_url":86,"created_at":87,"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",[89,94,99,104,109,114,119,124,129,134],{"id":90,"slug":91,"title":92,"created_at":93},"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":95,"slug":96,"title":97,"created_at":98},"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":100,"slug":101,"title":102,"created_at":103},"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":105,"slug":106,"title":107,"created_at":108},"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":110,"slug":111,"title":112,"created_at":113},"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":115,"slug":116,"title":117,"created_at":118},"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":120,"slug":121,"title":122,"created_at":123},"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":125,"slug":126,"title":127,"created_at":128},"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":130,"slug":131,"title":132,"created_at":133},"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":135,"slug":136,"title":137,"created_at":138},"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"]