SECの企業金融局は、「Tokenized Securities」に関する公式声明を発表。
ポール・アトキンスSEC委員長が進めていた「イノベーション免除」への期待とは裏腹に、声明の内容は「既存の証券法の完全適用」を再確認するものでした。
特に重要なのは、SECがDTC（中央証券預託機関）に対しては「トークン化パイロットプログラム」を許可するノーアクションレター（No-Action Letter）を出した点です。
これは「RWA（現実資産）の中央集権化」宣言のようなものです。 SECは「ブロックチェーン技術自体は認めるが、管理構造は既存のウォール街モデル（DTCやカストディアン経由）を使え」と命じました。
「DeFiだから」「DAOだから」という理由での規制免除は認めない姿勢が明確になり、以前Decryptが報じたCitadelやSIFMA（証券業協会）の要望（「同じリスクには同じ規制を」）がそのまま通った形です。
このルール確定により、市場は残酷なまでの「選別」に入ります。
これはどんなプレーヤーにとってプラスなのか？
TradFi Giants (BlackRock, JP Morgan, NYSE):は既にコンプライアンス体制とDTCへの接続権を持っています。これで堂々と「SEC準拠のトークン化ファンド」を独占販売できます。
Infrastructure (DTC, Securitize): 特にDTCがトークン化のパイロット権限を得たことは、「ブロックチェーン上でも、結局はDTCが元帳を支配する」ことを意味します。
Lawyers & Auditors: コンプライアンスコストが爆増するため、監査法人や弁護士事務所は特需に沸きます。
一方劣勢に立たされるのは、
Permissionless RWA Protocols: KYCなしで不動産や債券を小口化していたDeFiプロジェクトは、このガイドラインによりに「違法業者」となるでしょう。
スタートアップ： 莫大な「DTC接続コスト」や「カストディコスト」を払えない小規模発行体は、市場から排除されます。
これにより予想されるアクションはSECによる「摘発」:
ルールは決まったため、SECは準拠していない既存のRWAプロジェクト（特に利回りを提供するもの）に対し、登録違反での提訴ラッシュを開始する可能性。
今後のSECのアクションと、CFTCとの棲み分けがどうなっていくのかに注目です。

今、海外（特にアジア）で注目を集め始めている議論。
Hyperliquidが好きな人たちは否定しているけど、TradFiの巨人たちがSECにもDeFiについて釘を刺し始めた今、このリスクは現実的なものとなりつつある。
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$HYPE が24%急騰。  x.com/hqinjarsy/stat…

Joe Takayama | Backpack

Twitter

The SEC's Division of Corporation Finance released an official statement regarding "Tokenized Securities."
Contrary to expectations for an "innovation exemption" promoted by SEC Chairman Paul Atkins, the statement reaffirmed the "full application of existing securities laws."
Of particular importance is the SEC's issuing a no-action letter to DTCs (central securities depositories) authorizing a "tokenization pilot program."
This is essentially a declaration of "RWA (real-world asset) centralization." The SEC's order is that "while blockchain technology itself is permitted, the management structure must use the existing Wall Street model (via DTCs or custodians)."
This makes clear that the SEC will not accept regulatory exemptions based on "DeFi" or "DAOs," and it appears that the request of Citadel and SIFMA (Securities Industry Association), previously reported by Decrypt ("same risk, same regulation"), has been accepted.
With this rule in place, the market will enter into a brutal "selection."
Who will benefit from this? TradFi Giants (BlackRock, JP Morgan, NYSE): They already have compliance systems and the right to connect to DTC. This means they can proudly and exclusively sell "SEC-compliant tokenized funds."
Infrastructure (DTC, Securitize): In particular, DTC's pilot status for tokenization means that "even on the blockchain, DTC ultimately controls the ledger."
Lawyers & Auditors: Audit firms and law firms will see a surge in demand as compliance costs skyrocket.
Meanwhile, those at a disadvantage will be:
Permissionless RWA Protocols: DeFi projects that have been fractionalizing real estate and bonds without KYC will be deemed "illegal" under these guidelines.
Startups: Small issuers that cannot afford the enormous "DTC connection costs" and "custody costs" will be excluded from the market.
Expected action as a result is "crackdown" by the SEC:
Now that the rules are set, the SEC may begin a flurry of lawsuits against existing non-compliant RWA projects (especially those offering yields) for registration violations.
Attention will be focused on the SEC's future actions and how it will coexist with the CFTC.

Bitcoin's price briefly touched $60,000 last week. Under a diminishing returns model, this is no mere noise. The market is touching the weakest link in the entire four-year cycle and logarithmic growth framework.

With the gains at the top of the Bitcoin cycle already significantly compressed, a further historically deep correction would completely negate the allure of its classic cycles.

This is not a prediction; it's a mathematical law.

Cycle Top Gains are Compressing

Historical Bitcoin Cycle Tops:

· 2013: ~$1,242

· 2017: ~$19,700

· 2021: ~...

$55,000 will be the lifeline for Bitcoin.

The government has just issued Resolution No. 23/NQ-CP following the regular government meeting in January 2026, which emphasizes the requirement for proactive, flexible, and effective monetary policy management, with close coordination...

The Vietnamese government is pushing for the operation of a gold and cryptocurrency exchange by February 28, 2026.

The crypto market experienced a sharp drop this afternoon, with Ethereum falling below the $2,000 mark at 3 PM Taiwan time, according to Hyperliquid [...]
The article, titled "Machi Big Brother Suffers Huge Losses and Didn't Sleep All Night? Ethereum Falls Below 2000 Magnesium, Panic Arrives, Opens Long BlockTempo and Loses 120,000 Magnesium," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Machi Big Brother lost so much money he couldn't sleep all night? Ethereum fell below 2000, causing panic. He long positions in ETH and HYPE, then sold at a loss, losing all 120,000 in magnesium.

以下参照：
https://sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826?utm_medium=email&utm_source=govdelivery…

The following is for reference:

https://sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826?utm_medium=email&utm_source=govdelivery…