Today, I watched the full video of the SEC Chairman's news interview about "the entire U.S. financial market potentially moving on-chain within two years." It’s easy to predict that as long as the "Innovation Exemption Act" is passed in January 2026, and U.S. regulators recognize the "#Web3 Financial Innovation Regulatory Sandbox," then as long as the law does not prohibit it, the #RWA Summer should arrive soon!

Let me first throw out a comparative data point 📊 to feel the scale:

The size of the U.S. stock market ≈ $68 trillion

Currently tokenized securities ≈ $670 million (accounting for 0.001%)

In other words, today the entire tokenized stock market is barely a fraction of what it could be, and the potential is obvious.

In the video, the SEC Chairman directly mentioned three major advantages of tokenization, interestingly, he also referred to China:

1️⃣ Transparency (this is what institutions love most)

The traditional stock system is absurd; listed companies often don’t even know who their shareholders are and have to rely on intermediaries like Broadridge to compile statistics.

After tokenization: issuers can clearly see the changes in holdings for each wallet; the market is transparently real-time, eliminating strange "black box holdings," which is a necessity for institutions and high-net-worth users.

2️⃣ Instant settlement (T+1 → T+0)

The traditional market operates on T+1 due to the numerous intermediaries (DTCC, clearinghouses, brokerage systems, etc.), where a transfer has to go through N steps.

After tokenization: direct transfer from wallet to wallet; settlement time changes from "daytime" to "a few seconds," which directly reduces financial system risk. Especially the risks of large liquidations and broker-dealer liquidity pressures are essentially due to the potential risk accumulation caused by "delayed settlement."

3️⃣ Reduced market risk

After tokenization, there are no long settlement windows; no overnight counterparty risk; no cascading failures due to clearing failures.

For investment banks, this translates to tangible "cost reduction + risk reduction," and this combination advantage will drive out the bad: all institutions will ultimately be forced to adopt the tokenization model.

Currently, the #RWA track is likely the best layout window; once the wind comes, even pigs will fly. For example, in vertical fields: #RWA applications and platforms, clearing layers, asset registration layers, on-chain identity, KYC, compliance modules, bank-grade wallet systems, supporting securities-type assets L1/L2, etc. 🧐

Most of the above projects have been introduced in our daily investment research articles, and the current prices can be considered historical lows. As the saying goes, buy when no one is asking, sell when the crowd is bustling! 🥸

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