与美国证券交易委员会（SEC）新的加密货币斗争可能会决定当股票转向区块链时华尔街是否保持控制权

Citadel Securities' latest SEC filing and Blockchain Association's response expose something more consequential: an early public battle over the real prize in tokenized stocks. Wall Street's goal is to remain indispensable when equities become tokenized. The establishment's position on tokenization has moved faster than most observers expected. Citadel Securities says it welcomes tokenization because it can improve outcomes for investors and issuers, including efficiency in clearing and settlement and shareholder engagement. Why this matters Tokenized stocks are still small, but the rules being shaped now will decide whether blockchain changes who handles stock trading, settlement, and fees, or simply gives the current system better technology. For readers outside policy circles, this is the difference between crypto opening a market and Wall Street absorbing it. Nasdaq unveiled an equity token design in March, explicitly designed to preserve regulated market infrastructure, keep public companies at the center of ownership records, and integrate blockchain into the official share registry. SIFMA told Congress that tokenized securities can enhance market infrastructure, investor access, and capital formation. Related Reading Citadel Securities and Fidelity just made their clearest move yet to rebuild crypto like Wall Street The filing could shift more of crypto trading’s back end into federally supervised hands if institutions follow. Apr 6, 2026 · Liam 'Akiba' Wright Even the SEC is treating tokenized stocks as a live policy category: Commissioner Hester Peirce said in March that staff is working on a narrower innovation exemption for limited trading of certain tokenized securities. Additionally, Chairman Paul Atkins said market participants should be able to engage with decentralized applications on public, permissionless blockchains if they want to. That convergence makes the real dispute harder to caricature as old finance versus crypto, as traditional firms favo