. Translate each paragraph.
First paragraph: "The Securities and Exchange Commission has shelved a draft rule that would have allowed stock trading through blockchain tokens, following objections from market participants. The proposal, which aimed to permit tokenized versions of traditional equities to trade on alternative platforms, is now on hold indefinitely."
Translation: "Komise pro cenné papíry a burzy (SEC) odložila návrh pravidla, které by umožnilo obchodování s akciemi prostřednictvím blockchainových tokenů, po námitkách účastníků trhu. Návrh, jehož cílem bylo povolit obchodování s tokenizovanými verzemi tradičních akcií na alternativních platformách, je nyní na neurčito pozastaven."
Note: Keep "SEC" as is, but can also write "Americká komise pro cenné papíry a burzy (SEC)" but the original uses "The Securities and Exchange Commission" - in Czech, it's common to say "Americká komise pro cenné papíry a burzy (SEC)" but since it's a proper noun, we can keep "SEC" after first mention. However, the original first sentence uses full name. I'll translate full name: "Komise pro cenné papíry a burzy (SEC)" - but that's not exactly the Czech name? The official Czech translation is "Komise pro cenné papíry a burzy" or "Komise pro cenné papíry a burzy Spojených států". I'll use "Americká komise pro cenné papíry a burzy (SEC)" to be clear. But the requirement says keep proper nouns in original form - so "Securities and Exchange Commission" is a proper noun? Actually, it's a government agency name, so we can keep it in English or translate. The instruction: "Keep proper nouns (names, company names) in original form" - "Securities and Exchange Commission" is a name, so we should keep it in original? But that would be odd in Czech text. Typically, we translate it. I think it's acceptable to translate it as it's a well-known institution. But to be safe, I'll use the English name "Securities and Exchange Commission" but then it's not Czech. Let's see the example: The original title has "SEC" which is an acronym. I'll keep "SEC" as it is, and in the first sentence I'll write "Americká Komise pro cenné papíry a burzy (SEC)" - that's a common approach. However, the instruction says "Keep proper nouns (names, company names) in original form" - so "SEC" is a proper noun, keep as "SEC". But "Securities and Exchange Commission" is the full name, also proper noun. I think we can keep "SEC" in the title and use "SEC" in the text as well. But the first sentence uses the full name. I'll use "Securities and Exchange Commission (SEC)" in the first sentence, but that's English. To be consistent with Czech translation, I'll translate the full name but keep the acronym. Let's decide: I'll translate the full name to Czech: "Komise pro cenné papíry a burzy (SEC)" - that's acceptable. I'll do that.
Second paragraph: "Why the proposal stalled" - "Proč se návrh zasekl" or "Proč byl návrh odložen". Better: "Proč byl návrh pozastaven". I'll use "Proč byl návrh pozastaven".
Then: "The SEC’s decision to delay followed a comment period in which exchanges, clearinghouses, and investor groups raised concerns about investor protections and market structure. Tokenized stocks — digital representations of shares issued on a blockchain — would have moved settlement from the standard two-day cycle to near-instantaneous finality. Critics argued that the shift could introduce new risks around custody, fraud, and systemic stability without adequate safeguards."
Translation: "Rozhodnutí SEC o odložení následovalo po období připomínek, ve kterém burzy, clearingová centra a investorské skupiny vyjádřily obavy ohledně ochrany investorů a struktury trhu. Tokenizované akcie – digitální reprezentace akcií vydaných na blockchainu – by přesunuly vypořádání ze standardního dvoudenního cyklu na téměř okamžité dokončení. Kritici argumentovali, že by tato změna mohla přinést nová rizika v oblasti úschovy, podvodů a systémové stability bez odpovídajících záruk."
Note: "clearinghouses" - clearingová centra. "custody" - úschova. "systemic stability" - systémová stabilita.
Third paragraph: "Regulators had been weighing the change for months as part of a broader push to modernize equity markets. The draft would have allowed so-called “security tokens” to trade on registered exchanges under a streamlined framework, bypassing some legacy requirements. But after industry feedback flagged gaps in the proposal, the SEC pulled it from its formal agenda."
Translation: "Regulátoři zvažovali změnu měsíce v rámci širšího úsilí o modernizaci akciových trhů. Návrh by umožnil obchodování s tzv. „bezpečnostními tokeny“ na registrovaných burzách v rámci zjednodušeného rámce, čímž by obešel některé starší požadavky. Poté, co zpětná vazba z odvětví odhalila nedostatky v návrhu, SEC jej stáhla ze svého formálního programu."
Note: "security tokens" - bezpečnostní tokeny, but in crypto context it's "cenné papíry tokeny" or "tokeny cenných papírů"? Actually, "security token" is a term, often translated as "investiční token" or "token cenného papíru". But the article uses "security tokens" in quotes, so we can keep it as "bezpečnostní tokeny" or "tokeny cenných papírů". I think "tokeny cenných papírů" is more accurate. However, the original says "so-called 'security tokens'" - in Czech, we might say "takzvané 'bezpečnostní tokeny'" but that's a direct translation. In Czech crypto terminology, "security token" is often left as "security token" or translated as "investiční token". I'll
