--- title: "九家发行人行使否决权,Coinbase“500只股票”计划迎来真正考验" description: "博通、威瑞森等九家发行人,已动用美国证券交易委员会(SEC)新设“创新豁免”(Innovation Exemption)赋予的30天否决权,对OKX与洲际交易所(ICE)合建的交易平台说“不”。Coinbase将于10月29日发布第三季度财报,旗下Base网络正向500只代币化股票的目标推进;同样的否决权,如今横在这份上市名单面前。" publisher: "The Inference" section: "Markets" published: 2026-10-20T01:08:49.109Z modified: 2026-10-20T01:08:49.109Z canonical: https://theinference.org/article/nine-issuer-vetoes-are-the-real-test-of-coinbase-s-500-stock-plan/zh-CN language: zh-CN keywords: "Coinbase, Tokenization, SEC, Crypto, Base" --- # 九家发行人行使否决权,Coinbase“500只股票”计划迎来真正考验 > 博通、威瑞森等九家发行人,已动用美国证券交易委员会(SEC)新设“创新豁免”(Innovation Exemption)赋予的30天否决权,对OKX与洲际交易所(ICE)合建的交易平台说“不”。Coinbase将于10月29日发布第三季度财报,旗下Base网络正向500只代币化股票的目标推进;同样的否决权,如今横在这份上市名单面前。 九家公司拒绝让自家股票在OKX与洲际交易所合资设立的新市场上代币化,这给[Coinbase](https://theinference.org/markets/companies/coinbase)带来的麻烦,比给这家合资平台本身的更大。[博通](https://theinference.org/markets/companies/broadcom)、[威瑞森](https://theinference.org/markets/companies/verizon)和[联合健康](https://theinference.org/markets/companies/unitedhealth-group)等发行人已[于10月15日正式发函](https://www.coindesk.com/business/2026/10/18/sec-tokenized-stock-framework-faces-issuer-pushback-as-broadcom-verizon-object-to-okx-ice-listing),反对OKXICE;后者是加密货币交易所OKX与纽约证券交易所母公司[洲际交易所](https://theinference.org/markets/companies/intercontinental-exchange)合资设立的代币化股票平台[1][2]。 根据[SEC于9月17日发布的创新豁免](https://theinference.org/article/five-years-to-tokenize-the-stock-market-if-the-token-is-really-the-share),每家发行人都有权在30天内否决任何有意交易其股票的交易场所[2]。执掌Coinbase旗下Base区块链的Jesse Pollak计划在年底前每天新增10只代币化股票,让上市总数突破500只[3]。美股代币化面临的制约已经转移,如今取决于发行人是否同意,而且要逐家争取。 ## 新规让发行人成了守门人 OKXICE在[10月提交的文件](https://financefeeds.com/okxs-tokenized-stocks-hit-a-wall-broadcom-coreweave-verizon-among-nine-companies-objecting/)中列出了63只股票[2]。已有九家发行人提出反对,反对声集中在AI基础设施领域:博通、[CoreWeave](https://theinference.org/markets/companies/coreweave)、[Applied Digital](https://theinference.org/markets/companies/applied-digital)和Cerebras[2]。纳斯达克另行宣布,不让自家股票代币化,理由是它不希望这些股票在无须实时显示最优价格、也无须向综合行情流报送数据的交易场所交易;综合行情流是汇总美股交易数据的公共数据源[1]。 发行人无法以一次拒绝挡住所有平台,必须在[收到通知后30天内](https://www.jdsupra.com/legalnews/your-company-may-have-tokenized-stock-9-3016083/)对每一家平台逐一回应[4]。沉默同样具有约束力:任由窗口期过去,公司在五年豁免期的剩余时间里就不能再选择退出[4]。保持沉默换来的,是接触加密原生买家与全球散户的机会——这个市场全天候交易[1][4]。 *Chart: **发行人否决波及首家交易场所,Coinbase瞄准500只** 柱状图,对比OKXICE申报文件所列股票数量、正式提出反对的发行人数量,以及Base网络年底500只的上市目标。* *图中为该交易场所上市申报文件所列股票数量、截至10月15日正式提出反对的发行人数量,以及Base网络公布的年底上市目标,数值为估算绘制。提出反对者包括Cerebras,这家公司并不在最初的申报名单之列。资料来源:FinanceFeeds、CoinDesk、Blockchain News。 [2][1][3]* ## 否决权只约束单个交易场所,接下来轮到Coinbase 反对意见只挡得住收到它的那一家交易场所,Coinbase因此可以自行接洽这九家公司[2]。Base网络已面向非美国用户提供代币化美股交易,这一服务于8月上线,首批标的包括[苹果](https://theinference.org/markets/companies/apple)、[英伟达](https://theinference.org/markets/companies/nvidia)、[Meta](https://theinference.org/markets/companies/meta)和[Alphabet](https://theinference.org/markets/companies/alphabet)[5];由Coinbase发行的温迪汉堡(Wendy's)代币[以WENc为代码交易](https://cryptorank.io/price/wendys-co-tokenized-stock-coinbase/exchanges)[6]。 Coinbase的设计恰好回应了纳斯达克的反对理由:股票由受监管的券商兼托管机构Alpaca Securities按一比一比例持有,股息和投票权在符合条件的情况下予以保留,价格则追踪来自Chainlink的连续数据流——Chainlink是一家链上价格数据网络,其全收益数据已计入股息[7]。OKXICE的流动性池将按池内设定的价格成交,不依赖预言机[2]。Coinbase[称这项豁免是其将这一市场引回美国境内的路径](https://finance.yahoo.com/markets/crypto/articles/coinbase-tokenized-stocks-just-passed-054953702.html)[7],这意味着要逐个交易场所通知发行人[4]。这条业务线的日成交额已达约1亿美元[3]。 ## 财报必须回答:发行人意愿是否卡住扩容速度 Coinbase将于[10月29日发布第三季度财报](https://brokerchooser.com/news/coinbase-to-release-q3-2026-results-on-october-29--4d47e981)[8]。道明证券在与数十家发行人沟通后发现,除一小批业务贴近加密行业的公司外,发行人整体对代币化兴趣寥寥,其中几家公司此前并不知道这套框架的存在[1]。 把上市股票扩到500只,只是Base网络对外宣布的目标;决定这一目标能否实现的发行人同意率,眼下才开始显现[2][3]。从现在到10月29日,可观察的变量是Coinbase最先通知哪些公司、哪些公司提出反对:沉默满30天,可交易股票便多出一只;每有一家公司反对,便少一只[4]。 ## Takeaway 创新豁免赋予发行人的,是对每个交易场所各30天的否决权:九家发行人已对OKXICE动用这一权利,纳斯达克选择不让自家股票代币化,Coinbase冲击500只上市目标,如今要看能否逐家征得同意。 ## Sources 1. [CoinDesk, SEC tokenized stock framework faces issuer pushback as Broadcom, Verizon object to OKX-ICE listing, 18 October 2026](https://www.coindesk.com/business/2026/10/18/sec-tokenized-stock-framework-faces-issuer-pushback-as-broadcom-verizon-object-to-okx-ice-listing) 2. [FinanceFeeds, OKX's Tokenized Stocks Hit a Wall: Broadcom, CoreWeave, Verizon Among Nine Companies Objecting, 18 October 2026](https://financefeeds.com/okxs-tokenized-stocks-hit-a-wall-broadcom-coreweave-verizon-among-nine-companies-objecting/) 3. [Blockchain News, Base: Coinbase Outlines On-Chain Growth Plans, 18 October 2026](https://blockchain.news/flashnews/base-coinbase-outlines-chain-growth-plans) 4. [Cooley LLP via JD Supra, Your Company May Have Tokenized Stock: 9 More Things You Should Know, 19 October 2026](https://www.jdsupra.com/legalnews/your-company-may-have-tokenized-stock-9-3016083/) 5. [FinanceFeeds, The Race to List Tokenized Stocks in America: Why Robinhood, Kraken, and Coinbase Are all in Contention, 29 September 2026](https://financefeeds.com/the-race-to-list-tokenized-stocks-in-america/) 6. [CryptoRank, Wendy's Co Tokenized Stock (Coinbase) Exchanges WENc Markets](https://cryptorank.io/price/wendys-co-tokenized-stock-coinbase/exchanges) 7. [Yahoo Finance, Coinbase Tokenized Stocks Just Passed $1B in Volume on Base. The Real Story Is What Comes Next., 25 September 2026](https://finance.yahoo.com/markets/crypto/articles/coinbase-tokenized-stocks-just-passed-054953702.html) 8. [BrokerChooser, Coinbase to Release Q3 2026 Results on October 29, October 2026](https://brokerchooser.com/news/coinbase-to-release-q3-2026-results-on-october-29--4d47e981) --- 九家发行人行使否决权,Coinbase“500只股票”计划迎来真正考验 — The Inference. Canonical: https://theinference.org/article/nine-issuer-vetoes-are-the-real-test-of-coinbase-s-500-stock-plan/zh-CN