Wall Street Reverts to T+1 Settlement, Impact on Crypto

华尔街恢复T+1结算，对加密货币的影响

Wall Street, the financial hub of the United States, has reverted to the T+1 settlement times, reminiscent of the 1920 era. This change, mandated by the U.S. Securities and Exchange Commission (SEC), has immediate effect.

美国金融中心华尔街又恢复了T+1结算时间，让人想起1920年时代。这项由美国证券交易委员会 (SEC) 强制执行的变更立即生效。

Historical Context and Shift to T+1 Settlement

历史背景与T+1结算的转变

The last time trades were settled in a single day was over a century ago. The SEC's new rule, effective May 28, 2024, requires the switch to the T+1 system, which was previously abandoned due to its complexity.

上一次交易在一天内结算已经是一个多世纪前的事了。 SEC 的新规则于 2024 年 5 月 28 日生效，要求切换到 T+1 系统，该系统此前因其复杂性而被放弃。

While Wall Street firms have been preparing for the T+1 settlement by adjusting staff schedules, it will require some adjustment. The SEC anticipates "short-term upticks in settlement failures and challenges for a small segment of market participants" during the initial implementation.

尽管华尔街公司一直在通过调整员工排班来为T+1结算做准备，但这还需要一些调整。美国证券交易委员会预计，在最初实施期间，“和解失败的情况会在短期内增加，并且会给一小部分市场参与者带来挑战”。

Market Efficiency and Crypto Comparison

市场效率和加密货币比较

Despite this move towards faster settlement times, Wall Street still lags behind the crypto market. Cryptocurrencies offer instant settlement, far exceeding the capabilities of traditional stocks.

尽管朝着更快的结算时间迈进，华尔街仍然落后于加密货币市场。加密货币提供即时结算，远远超过传统股票的能力。

However, analysts recognize that the SEC's decision to halve the settlement time is a significant step that will gradually align Wall Street's settlement practices with those of crypto.

然而，分析师认识到，美国证券交易委员会将结算时间减半的决定是重要的一步，将逐步使华尔街的结算实践与加密货币的结算实践保持一致。

Impact on Crypto Stocks

对加密货币股票的影响

Notably, certain crypto stocks, including Coinbase, MicroStrategy, Hut 8, and Marathon Digital, are expected to benefit from the new settlement scheme. The reduced lag time will facilitate faster transaction closures, potentially increasing investor exposure to these companies.

值得注意的是，包括 Coinbase、MicroStrategy、Hut 8 和 Marathon Digital 在内的某些加密股票预计将受益于新的结算计划。延迟时间的减少将有助于更快地完成交易，从而可能增加投资者对这些公司的投资。

Conclusion

结论

The SEC's recent shift to T+1 settlement overturns the 2017 decision to extend the settlement period to two days. While firms must comply, market observers are monitoring how investors worldwide will navigate the anticipated initial hurdles.

SEC 最近转向 T+1 结算，推翻了 2017 年将结算期延长至两天的决定。虽然公司必须遵守规定，但市场观察人士正在监控全球投资者将如何应对预期的最初障碍。

Analysts believe that the traditional financial market may need to adopt the playbook of cryptocurrencies if it desires instantaneous settlements with no time lag.

分析师认为，传统金融市场如果想要无时间差的即时结算，可能需要采用加密货币的策略。

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