24-Hour Stock Trading Opens' Key Issues: SEC and CFTC Regulatory Shift, Tokenized Stocks

Summary

Choi Yun-young, team leader at Hanwha Investment & Securities, discusses the CFTC's approval of perpetual futures and the SEC's repeal of Regulation NMS, explaining how these changes will gradually open the door for AMM-based tokenized stock trading. He highlights Coinbase and BlackRock as key beneficiaries of the coming tokenized securities expansion. Seo Dong-ju and Kim Dong-hwan contribute commentary on the AMM model and the stablecoin vs deposit token battle for settlement.

• SEC repealed Regulation NMS's trade-through rules, citing improved exchange connectivity and automation since 2005.
• The repeal removes a barrier for AMM-based DeFi and tokenized stock platforms, though full rollout will take years and require further regulatory steps.
• Perpetual futures approved by the CFTC could expand crypto derivatives markets gradually, akin to the spot Bitcoin ETF effect.
• Coinbase is positioning as an 'everything exchange' with tokenized stocks, perpetual futures, AI tools, and cross-border liquidity.
• BlackRock's BUIDL tokenized fund is well placed to benefit as institutional tokenization projects grow.
• Stablecoins are likely to be the near-term settlement instrument for tokenized stock trading, while deposit tokens remain in discussion.
• Hosts note that the tokenized stock wave was an unexpected bonus market not anticipated in earlier tokenization roadmaps.