SEC is flip-flopping again. On Monday, Bloomberg reported that the SEC was leaning toward allowing third-party stock tokens, even without the consent of the listed companies they track. These tokens might not come with standard shareholder rights. But as of Friday, according to the SEC's latest proposal, they’re delaying this exemption plan. The new proposal clearly states: any platform issuing or trading such tokens must ensure that token holders have the exact same rights as traditional stock shareholders (including dividend rights, voting rights, etc.). The core issue is: traditional exchanges (like NYSE) are worried about a 'dual-track market'—where the same stock exists in both traditional and on-chain versions, leading to fragmented liquidity, price discrepancies, and chaos in short-selling mechanisms (on-chain naked shorting is still hard to implement right now). The SEC wants to gather more feedback, so they’re hitting pause for now.