{
  "id": "comparison-okxice-rh",
  "as_of": "2026-11-03",
  "title_zh": "OKXICE 与 Robinhood Stock Tokens",
  "title_en": "OKXICE and Robinhood Stock Tokens",
  "thesis_zh": "两边都写着股票的名字，持有人拿到的不是同一种东西。OKXICE 走 SEC 创新豁免，条件是与传统 NMS 股票同等的权利；Robinhood Stock Tokens 是泽西发行的债务证券，只提供价格敞口。",
  "thesis_en": "Both products wear a stock ticker. They do not deliver the same thing. OKXICE sits inside the SEC innovation exemption, which requires the same rights as traditional NMS stock. Robinhood Stock Tokens are Jersey debt securities that deliver price exposure only.",
  "parties": [
    {
      "id": "okxice",
      "name": "OKXICE TSV",
      "short_zh": "真权利路径",
      "track": "real"
    },
    {
      "id": "rh",
      "name": "Robinhood Stock Tokens",
      "short_zh": "离岸合成",
      "track": "synthetic"
    }
  ],
  "rows": [
    {
      "id": "structure",
      "dimension_zh": "结构",
      "dimension_en": "Structure",
      "okxice": {
        "text_zh": "SEC Innovation Exemption 下的代币化证券交易场（TSV）。临时豁免自 2026-09-17 至 2031-09-17。运营主体 OKXICE LLC，德州有限责任公司，Intercontinental Exchange Holdings, Inc. 与 OKC USA Holding Inc. 各持 50%。",
        "text_en": "A tokenized-securities venue under the SEC innovation exemption, temporary from 2026-09-17 through 2031-09-17. Operated by OKXICE LLC, a Texas company owned 50/50 by Intercontinental Exchange Holdings, Inc. and OKC USA Holding Inc.",
        "confidence": "已证实",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "Robinhood Assets (Jersey) Limited 发行的代币化债务证券。不进入上述豁免。",
        "text_en": "Tokenized debt securities issued by Robinhood Assets (Jersey) Limited. Outside the exemption.",
        "confidence": "已证实",
        "layer": "primary"
      }
    },
    {
      "id": "rights",
      "dimension_zh": "持有人权利",
      "dimension_en": "Holder rights",
      "okxice": {
        "text_zh": "豁免以「与同类别传统 NMS 股票同等权利与特权」为条件。2026-10-04 通知写明：若由与发行人无关的第三方代币化，每枚代币代表一股底层股票的证券权益，底层股份由 SEC 注册、FINRA 会员的经纪商按 1:1 持有。仅提供合成敞口的工具不在可上架之列。",
        "text_en": "The exemption requires the same rights and privileges as traditional NMS stock of the equivalent class. The 2026-10-04 notice says a third-party token is a security entitlement to one underlying share, with those shares held 1:1 by an SEC-registered, FINRA-member broker-dealer. Instruments that offer only synthetic exposure are not eligible.",
        "confidence": "已证实",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "经济敞口。不给予持有人对底层证券或其发行人的任何法律权利或受益权利。1:1 抵押担保的是这一敞口，不是股东名册上的股份。",
        "text_en": "Economic exposure only. Holders receive no legal or beneficial rights in, or against the issuer of, the underlying securities. One-for-one collateral supports that exposure; it is not a place on the issuer’s register.",
        "confidence": "已证实",
        "layer": "primary"
      }
    },
    {
      "id": "vote",
      "dimension_zh": "投票",
      "dimension_en": "Voting",
      "okxice": {
        "text_zh": "同等权利这一条件把传统股东权利包括在内。持有人在链上如何实际投票：未获取。",
        "text_en": "The same-rights condition includes ordinary shareholder rights. How a holder would actually cast a vote onchain: 未获取 (not obtained).",
        "confidence": "已证实",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "无投票权。",
        "text_en": "No vote.",
        "confidence": "已证实",
        "layer": "primary"
      }
    },
    {
      "id": "dividend",
      "dimension_zh": "分红",
      "dimension_en": "Dividends",
      "okxice": {
        "text_zh": "通知把公司行为交给 Tokenizer，包括登记日快照。现金分红是直接派发、再投资，还是别的处理：未获取。不要把 Robinhood 的乘数机制套用到这里。",
        "text_en": "The notice assigns corporate actions, including record-date snapshots, to the Tokenizer. Whether a cash dividend is paid through, reinvested, or handled another way: 未获取. Do not copy Robinhood’s multiplier onto this row.",
        "confidence": "未获取",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "不发现金。底层公司分红时，股息再投资买入更多股份，代币乘数上升，一枚代币此后动态代表多于一股。",
        "text_en": "No cash dividend. When the underlying pays a dividend, it is reinvested into more shares and the token’s multiplier rises, so one token comes to represent more than one share.",
        "confidence": "已证实",
        "layer": "primary"
      }
    },
    {
      "id": "us-persons",
      "dimension_zh": "对美国人销售",
      "dimension_en": "Sales to U.S. persons",
      "okxice": {
        "text_zh": "通知把参与者写成零售与机构，并要求 KYC/KYB、制裁筛查和不可转让的灵魂绑定代币。是否对美国人普遍开放、有无额外州法限制：未获取。",
        "text_en": "The notice describes retail and institutional participants and requires KYC/KYB, sanctions screening, and a non-transferable soulbound token. Whether sales are generally open to U.S. persons, and which state-law limits apply: 未获取.",
        "confidence": "未获取",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "明确不对美国人发售或交付，也不面向美国人士的账户或利益。官网同时写明不向加拿大、英国、瑞士居民提供。其余限制法域未在本表逐条抄录。",
        "text_en": "Not offered or delivered in the United States or to U.S. persons. The issuer’s page also excludes residents of Canada, the United Kingdom, and Switzerland. Other restricted jurisdictions are not copied row by row here.",
        "confidence": "已证实",
        "layer": "primary"
      }
    },
    {
      "id": "objection",
      "dimension_zh": "发行人反对",
      "dimension_en": "Issuer objection",
      "okxice": {
        "text_zh": "第三方代币化必须先书面通知发行人。发行人自收到通知之日起 30 个日历日内书面反对的，这家 TSV 不得上架该标的。反对只约束收到反对的这一家场所。发行人自己做的代币化不走这道反对。",
        "text_en": "Third-party tokenization requires written notice to the issuer. A written objection within 30 calendar days of receipt bars that TSV from listing the name. The objection binds only that venue. Issuer-sponsored tokenization does not use this objection.",
        "confidence": "已证实",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "不在豁免里，发行人不能用同一套 30 日反对把它拦住。研究底稿记：已经反对 OKXICE 的标的，Robinhood Chain 上仍可挂。该句的公开报道出处为 The Defiant，原文链接未获取。",
        "text_en": "Outside the exemption, so an issuer cannot use the same 30-day objection to block it. The research note says names that objected to OKXICE can still trade on Robinhood Chain, citing The Defiant. The article URL: 未获取.",
        "confidence": "已证实",
        "layer": "report"
      }
    },
    {
      "id": "exemption",
      "dimension_zh": "是否在创新豁免内",
      "dimension_en": "Inside the exemption",
      "okxice": {
        "text_zh": "已于 2026-10-04 列入 SEC 的 TSV 通知名单。入表不等于工作人员认定它已经满足豁免条件。通知自述：该场所不在 SEC 注册，不受 Regulation NMS 约束，委员会未对其披露的是非作判断。",
        "text_en": "Listed on the SEC’s TSV notice roll on 2026-10-04. Listing is not a staff finding that the venue meets the exemption. The notice itself says the venue is not SEC-registered, is not subject to Regulation NMS, and that the Commission has not passed on the disclosures.",
        "confidence": "已证实",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "不在。产品页写明未按美国证券法注册。",
        "text_en": "No. The product page states the tokens are not registered under U.S. securities laws.",
        "confidence": "已证实",
        "layer": "primary"
      }
    },
    {
      "id": "venue",
      "dimension_zh": "场所与账本",
      "dimension_en": "Venue and ledger",
      "okxice": {
        "text_zh": "XLayer，公开无许可账本。流动性池是 Uniswap v4，另加 OKXICE 的许可钩子；没有有效灵魂绑定代币的钱包不能交易或做市。不设订单簿，不托管用户资产，不做一级发行。SBT 合约地址见 10-04 通知：0x2d7b601Fb9a54F62E7257B19F18BE315D2d76f9c。",
        "text_en": "XLayer, a public permissionless ledger. Pools are Uniswap v4 plus an OKXICE permissioning hook; a wallet without a valid soulbound token cannot trade or provide liquidity. No order book, no custody of user assets, no primary offering. SBT contract in the 2026-10-04 notice: 0x2d7b601Fb9a54F62E7257B19F18BE315D2d76f9c.",
        "confidence": "已证实",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "研究底稿记为 Robinhood Chain 上的 ERC-20。官网写可在 Robinhood Wallet、去中心化交易所或中心化交易所发现和兑换。Robinhood Chain 为 RWA 二层、Arbitrum 技术栈，这一技术描述来自研究底稿，链文档链接未获取。",
        "text_en": "The research note records ERC-20 tokens on Robinhood Chain. The product page says they can be found in Robinhood Wallet, on DEXs, or on CEXs. Robinhood Chain as an Arbitrum-stack RWA L2 is from the research note; a primary chain-docs link: 未获取.",
        "confidence": "已证实",
        "layer": "report"
      }
    },
    {
      "id": "custody",
      "dimension_zh": "底层托管",
      "dimension_en": "Underlying custody",
      "okxice": {
        "text_zh": "第三方模式由 Tokenizer 经注册经纪商持有底层股份。Tokenizer 的法律名称：未获取。OKXICE 声明自己不托管。",
        "text_en": "In the third-party model the Tokenizer holds the underlying shares through a registered broker-dealer. The Tokenizer’s legal name: 未获取. OKXICE says it does not take custody.",
        "confidence": "未获取",
        "layer": "primary"
      },
      "rh": {
        "text_zh": "官网称每一枚流通代币由相应股票 1:1 抵押，底层股份放在美国持牌托管方。营销页没有点名该托管方。研究底稿记 Alpaca Securities 为包括 RHJ 在内的多家产品提供底层买卖与托管。",
        "text_en": "The product page says every token in circulation is backed 1:1, with the shares at a U.S. licensed custodian. That page does not name the firm. The research note names Alpaca Securities as a buy-and-custody provider for RHJ and several other issuers.",
        "confidence": "已证实",
        "layer": "report"
      }
    },
    {
      "id": "status",
      "dimension_zh": "开业与在售",
      "dimension_en": "Open or on sale",
      "okxice": {
        "text_zh": "2026-10-04 已发布通知。开业日未获取。推断：规则要求至少提前 30 个日历日公告，若以 10 月 4 日为公告日，最早不早于 2026-11-03。可交易符号清单未获取。",
        "text_en": "Notice published 2026-10-04. Opening date: 未获取. Inference: the order requires the notice at least 30 calendar days before operating, so if 4 October is the notice date the earliest operating day is 2026-11-03. The live symbol list: 未获取.",
        "confidence": "推断",
        "layer": "inference"
      },
      "rh": {
        "text_zh": "在售。研究底稿记注册表约 203 只，为二次统计；对照官网逐条核对：未获取。产品发行日：未获取。",
        "text_en": "On sale. The research note records a secondary count of about 203 names; a line-by-line check against the issuer: 未获取. Launch date: 未获取.",
        "confidence": "已证实",
        "layer": "report"
      }
    }
  ],
  "objection_series": [
    {
      "date": "2026-10-15",
      "count": 9,
      "approximate": false,
      "confidence": "已证实",
      "layer": "report",
      "plot": "solid",
      "note_zh": "Decrypt 2026-11-02 称，首批反对出现在 10 月 15 日，当时 9 家。本站没有对照那一版 OKXICE 通知。",
      "note_en": "Decrypt wrote on 2026-11-02 that the first objections appeared on 15 October, nine issuers. This archive has not checked that notice."
    },
    {
      "date": "2026-10-27",
      "count": 33,
      "approximate": true,
      "confidence": "已证实",
      "layer": "report",
      "plot": "approx",
      "note_zh": "研究底稿记「10-27 一度约 33」。是约数，不是点名清册。",
      "note_en": "The research note says about 33 on 27 October. An approximate count, not a name-by-name roll."
    },
    {
      "date": "2026-10-28",
      "count": 38,
      "approximate": false,
      "confidence": "已证实",
      "layer": "report",
      "plot": "solid",
      "note_zh": "Decrypt 称 10 月 28 日通知中的名单为 38 家，沃尔玛与礼来在这一批。研究底稿记约 38，并点名摩根大通、麦当劳、可口可乐、戴尔、沃尔玛、礼来。两处都是报道层，本站未对照通知原文。",
      "note_en": "Decrypt says the 28 October notice listed 38, with Walmart and Eli Lilly in that batch. The research note says about 38 and names JPMorgan, McDonald’s, Coca-Cola, Dell, Walmart, and Eli Lilly. Both are press-layer; the notice was not checked here."
    },
    {
      "date": "2026-10-30",
      "count": 50,
      "approximate": false,
      "confidence": "未获取",
      "layer": "report",
      "plot": "hollow",
      "note_zh": "Decrypt 称 10 月 30 日通知把总数写为 50，并称新增包括英伟达、好市多、耐克、美光、CrowdStrike、Palo Alto Networks、Reddit、慧与、康宁、Bloom Energy、IREN、USA Rare Earth。研究底稿在 2026-11-03 仍把「是否到约 50」标为未获取，并认为早先「约 50」的二手说法偏高、当时尚未核对。本站未取得 10-30 通知，这个数字不升格。图上用空心柱。",
      "note_en": "Decrypt says an 30 October notice put the total at 50 and named a further twelve issuers, including Nvidia, Costco, and Nike. The 2026-11-03 research note still marks “did it reach about 50?” as not obtained. This archive does not have that notice, so 50 is not upgraded. The bar is hollow."
    }
  ],
  "exemption": {
    "effective": "2026-09-17",
    "expires": "2031-09-17",
    "release": "Securities Exchange Act Release No. 106402",
    "federal_register": "91 FR 60168（2026-09-22）",
    "file_number": "4-927",
    "tiers": [
      {
        "id": "tier1",
        "name_zh": "第一档",
        "name_en": "Tier 1",
        "symbols_max": 75,
        "adv_display": "0.25%",
        "scope_zh": "与 LULD 计划第一档对应：标普 500、罗素 1000，以及该计划列入的高成交 ETP。",
        "scope_en": "Tracks LULD Plan Tier 1: S&P 500, Russell 1000, and the high-volume ETPs on that plan’s list."
      },
      {
        "id": "tier2",
        "name_zh": "第二档",
        "name_en": "Tier 2",
        "symbols_max": 250,
        "adv_display": "2.5%",
        "scope_zh": "与 LULD 第二档对应：其余 NMS 股票。权利与权证不在代币化 NMS 股票的范围内。",
        "scope_en": "Tracks LULD Tier 2: other NMS stocks. Rights and warrants are outside tokenized NMS stock for this exemption."
      }
    ],
    "conditions_zh": [
      "成交量按上一自然月日均成交股数的百分比计算：分子是该 TSV 上这一标的的日均成交，分母是有效交易报告计划公布的底层 NMS 股票日均成交。关联 TSV 的成交要合并计算。",
      "第一次越过成交量阈值：除确保此后不再越过外，不要求其他行动。这档台阶只适用于成交量，不适用于符号数量。此后再越过，视情形须将该标的暂停交易三个月。",
      "符号数量一旦超过上限，即不满足豁免条件，没有第一次免罚。",
      "主上市交易所停牌或暂停时，TSV 必须同步停止该代币化股票的交易。",
      "智能合约须可审计、公开，并部署在公开、无许可的分布式账本上。",
      "须免费公开近 30 日的美元计价成交，并在成交后 10 分钟内更新。"
    ],
    "conditions_en": [
      "Volume is a percent of prior-month average daily share volume. The numerator is ADV of that tokenized name on the TSV; the denominator is ADV of the underlying NMS stock under an effective transaction-reporting plan. Affiliate TSV volume is aggregated.",
      "The first time a volume threshold is crossed, no further action is required beyond not crossing it again. That step applies to volume only, not to the symbol cap. A later breach can require a three-month pause in that name.",
      "Crossing the symbol cap fails the exemption at once. There is no first-time step.",
      "A halt or suspension on the primary listing exchange must stop trading in the tokenized name at the same time.",
      "Smart contracts must be auditable, public, and deployed on a public permissionless ledger.",
      "Thirty days of U.S. dollar transaction data must be free and public, updated within ten minutes of a trade."
    ],
    "confidence": "已证实",
    "layer": "primary"
  },
  "callouts": [
    {
      "id": "not-a-stock",
      "tone": "synthetic",
      "text_zh": "盯盘纪律：不要把 Robinhood Stock Token 说成「上了链的股票」。它是债务证券项下的价格敞口。",
      "text_en": "Desk rule: do not describe a Robinhood Stock Token as a share that moved onchain. It is price exposure under a debt security.",
      "confidence": "已证实",
      "layer": "primary"
    },
    {
      "id": "liquidity-first",
      "tone": "note",
      "text_zh": "真权利路径被发行人反对卡住时，离岸合成仍可能挂着同一个代码。那是另一张法律文件在提供流动性，不是同一产品的备用入口。",
      "text_en": "When an issuer objection stalls the real-rights path, an offshore synthetic can still show the same ticker. That is a different legal instrument supplying liquidity, not a backup door to the same product.",
      "confidence": "已证实",
      "layer": "report"
    },
    {
      "id": "not-a-forecast",
      "tone": "real",
      "text_zh": "「长期看真股份的需求更大」「先把合成做起来」是商业判断，不是监管事实。本档案不把它写成结论。",
      "text_en": "“Real shares will be the larger demand” and “ship the synthetic first” are commercial judgments, not regulatory facts. This archive does not enter them as findings.",
      "confidence": "推断",
      "layer": "inference"
    }
  ],
  "sources": [
    {
      "id": "sec-pr-2026-90",
      "label": "SEC 新闻稿 2026-90",
      "url": "https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment"
    },
    {
      "id": "federal-register",
      "label": "Federal Register，91 FR 60168（2026-09-22）",
      "url": "https://www.federalregister.gov/documents/2026/09/22/2026-19388/order-granting-temporary-conditional-exemptive-relief-pursuant-to-section-36a1-of-the-securities"
    },
    {
      "id": "sec-list",
      "label": "SEC Innovation Exemption 名单",
      "url": "https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption"
    },
    {
      "id": "okxice-notice",
      "label": "OKXICE TSV 公开通知（2026-10-04）",
      "url": "https://www.okx.com/cdn/assets/files/2610/885D864537A8DF6D.pdf"
    },
    {
      "id": "rh-page",
      "label": "Robinhood Stock Tokens 产品页",
      "url": "https://robinhood.com/rhj/stocktokens/"
    },
    {
      "id": "decrypt",
      "label": "Decrypt，2026-11-02",
      "url": "https://decrypt.co/382348/nvidia-nike-biggest-wave-yet-tokenized-stock-objections"
    },
    {
      "id": "research",
      "label": "项目研究底稿，2026-11-03",
      "url": ""
    }
  ]
}