Many media outlets have misinterpreted the SEC's attitude towards stock listing The SEC did not call for a halt to the listing of stocks, but reiterated once again that minting stocks into tokens does not change their "security" attributes and must follow a compliant path. However, the compliance threshold is very high, and currently there are no approved on chain stock trading platforms for retail investors. The application submitted by Coinbase in June is still under review, and whether and when it can be implemented should still depend on the SEC's exemption from registration, custody, Reg NMS/ATS and other regulations. In terms of the current regulatory atmosphere, SEC Chairman Paul Atkins stated that tokenization is the next step in modernizing the market, but emphasized that investor protection will never be sacrificed; The industry association SIFMA publicly opposes fast track exemptions and suggests going through a formal rule making process, with the former remaining silent and the latter tightening, which is a relatively normal regulatory attitude. And regulation only focuses on the following four directions: Do tokenized stocks require S-1/Reg A prospectuses? 2. Transactions can be conducted 24 × 7 on the chain Can on chain wallet position custody replace traditional DTCC 4.KYC/AML、 Matching of real name information such as shareholder register and tax declaration Whether this path can continue depends directly on the progress of Coinbase's application and the SEC's public consultation. At least from the current situation, the possibility of on chain stock trading is still considerable.