The SEC is accelerating the promotion of 24-hour trading in the US stock market and its impact on the tokenization trend. On September 17th, the SEC will hold a "24-hour Trading Market Preparation Roundtable" at its headquarters in Washington, D.C., which will last for six hours and be live streamed online. The topic is how the US stock market can move towards near all-weather trading. The meeting is not discussing whether to have 24 hours, but how to implement it. 1. What will be discussed at the roundtable meeting? Three panels: Panel 1: Market readiness, which ones are already ready and which ones are still far behind This is the core of the entire roundtable discussion: mainly focusing on whether exchanges and securities firms are ready? How to do overnight monitoring? How to handle the closing price process? How to change the clearing and settlement? How to protect investors? Panel 2: Operational Resilience Can the system withstand 24 hours? This is a purely technical discussion. The core of transactions and settlements Panel 3: Subsequent impacts What will the market look like after 24 hours of trading This discussion is about "spillover effects": how will liquidity change? What impact will capital formation have? What further regulatory and market structure adjustments will be made in the future? The term 'Day 2' is very interesting - the SEC has begun to distinguish between the two stages of 'Day 1' (24-hour trading start day) and 'Day 2' (subsequent normalization of regulatory adjustments), indicating that this is not a one-time system switch, but will continue to generate new regulatory demands The original words of SEC Chairman Atkins are: The US stock market is heading towards a 'new day and night', with the goal of aligning with the already continuously trading market while maintaining investor protection. 2. Who are the attendees at the table? The opening ceremony features the SEC Chairman and all members, as well as Jamie Selway, Director of Trading and Markets. The lineup of participants outside the SEC can be divided into four layers: 1) Exchanges: NYSE, Nasdaq, Cboe, MEMX, 24X, OTC Markets, Blue Ocean, Bruce Markets 2) Liquidation and Custody: DTCC, BNY Pershing, State Street, Citi, America, BNP Paribas 3) Retail and institutional channels: Robinhood, Schwab, Interactive Brokers, DriveWealth, BlackRock, Invesco 4) Liquidity and Regulatory Enforcement: Citadel Securities, Virtu, Jane Street, FINRA. Almost all the core and bottom participants in the US stock market gather, which is equivalent to the traditional market backbone network changing its operating time. 3. The significance and impact of tokenization trend The main text of this roundtable meeting did not list "tokenization" as a separate session. But it deals with the core selling points of tokenized stocks: 24/7 trading, faster settlement, and global time zone access; And the most challenging channels for tokenization implementation are clearing, transfer, official ledger, and investor protection. 1) Traditional markets are recycling the differentiated selling point of "24/7", The dividend of tokenization trading period is shrinking, and compliance and ownership structure will become the real competitive points; 2) Of course, 23 × 5 does not equal 24 × 7, and there is still room for on chain settlement The official third panel clearly labeled 24 × 7 as' next stage infrastructure issue '. The traditional path now follows: leaving a one hour processing window every day, suspending on weekends, and having a suspension window for company actions. It is difficult to achieve a true 7 × 24 (including weekends and non-stop company actions) with the existing DTC/NSCC batch logic in one go. This is precisely the reason for the existence of the New York Stock Exchange's 24/7 tokenization platform, DTC tokenization pilot (wallets can transfer equity outside DTC business hours), and 24X's tokenization of Russell 1000/ETF into the same order book: using on chain ledger and instant settlement to fill the gap that traditional channels cannot. 3) This week, the SEC proposed a draft of transfer agency rules that are more "tokenized" than this roundtable meeting On September 1st, the SEC proposed the first large-scale revision of transfer agent rules since the 1980s, explicitly allowing blockchain to be part of the official master securitizer file, but still requiring licensed transfer agents to be responsible for accuracy, security, and regulatory reporting. Without legal transfer records, tokenized stocks are just "mirror certificates"; With this, issuer led tokenization can enter the legal ownership layer, rather than staying within the broker's internal IOU. 4. The participating institutions have placed bets on both tracks simultaneously Track A: Open the existing US stock market overnight (Nasdaq 23x5, NYSE delayed, NSCC 24x5, SIP delayed market) Track B: Convert the same security into tokens and place them in a unified or parallel order book (DTC three-year pilot, Nasdaq rules allow tokenization to be traded alongside common stocks, 24X rule revision, NYSE/Securitize independent 24/7 platform) It seems that tokenization in the future is more likely to be: 1) Regulatory tokens compatible with the DTC/Nasdaq pilot and interchangeable with common stocks; 2) Or a native token with clear legal ownership and on chain accounting by the issuer/transfer agent. 24-hour trading is a market structure issue, while tokenization is a bookkeeping and settlement issue, and the two will be further integrated in the future.