. No changes to tags.
Meta description: translate similarly.
Let's write the translation.
First, title: "SEC Moves to Allow Unsanctioned Tokenized Stock Trading" -> "SEC Bergerak untuk Membenarkan Perdagangan Saham Token Tanpa Kebenaran" (or "Tanpa Kelulusan" - better "Tanpa Kebenaran" because unsanctioned means without official permission). "Unsanctioned" could also be "tidak diluluskan". I'll use "Tanpa Kebenaran" as it's concise.
Content paragraph by paragraph:
Original: "The Securities and Exchange Commission is finalizing an 'innovation exemption' that would let digital versions of public company shares trade on decentralized platforms without the issuing company's approval or involvement. The rule change could launch as early as this week, clearing a major regulatory hurdle for the rapidly expanding tokenized stock market."
Translation: "Suruhanjaya Sekuriti dan Bursa (SEC) sedang memuktamadkan 'pengecualian inovasi' yang akan membolehkan versi digital saham syarikat awam didagangkan di platform terdesentralisasi tanpa kelulusan atau penglibatan syarikat penerbit. Perubahan peraturan ini boleh dilancarkan seawal minggu ini, membersihkan halangan kawal selia utama bagi pasaran saham token yang berkembang pesat."
Wait, I used "Suruhanjaya Sekuriti dan Bursa (SEC)" but then later in article it says "SEC" again. We can keep first occurrence as full name then SEC. However requirement says keep proper nouns in original form. "Securities and Exchange Commission" is a proper noun. I think it's fine to keep it as is in English. Actually many Malay translations keep the English name. Let me check: In Malaysian media, they often use "Suruhanjaya Sekuriti dan Bursa AS" or just "SEC". To be safe, I'll keep the original English "Securities and Exchange Commission" as is. But that might look odd in a Malay article. The requirement says "keep proper nouns (names, company names) in original form". So I'll keep "Securities and Exchange Commission" as is. Similarly, "Ondo Finance" etc. So I'll not translate the name. So first sentence: "The Securities and Exchange Commission is finalizing..." -> "The Securities and Exchange Commission sedang memuktamadkan..." That's fine. But then "SEC" later is an abbreviation, also keep. So I'll keep "Securities and Exchange Commission" and "SEC" as is.
But careful: the original uses "SEC" later. So we can keep both. However in Malay, it's common to introduce the full name then use acronym. I'll keep full name first then SEC.
Let me revise: "The Securities and Exchange Commission (SEC) sedang memuktamadkan..." That's acceptable. But the original doesn't have parentheses. I'll add parentheses for clarity. Or just keep as "SEC" for brevity? The original first word is "The Securities and Exchange Commission". I'll keep that full name.
Thus: "The Securities and Exchange Commission sedang memuktamadkan 'pengecualian inovasi' yang akan membolehkan versi digital saham syarikat awam didagangkan di platform terdesentralisasi tanpa kelulusan atau penglibatan syarikat penerbit. Perubahan peraturan ini boleh dilancarkan seawal minggu ini, membersihkan halangan kawal selia utama bagi pasaran saham token yang berkembang pesat."
Second paragraph: "Tokenized stocks have hit $1.4 billion in distributed value across 2,246 different assets. The market grew 29.68% in the last month alone, with monthly transfer volume hitting $3.24 billion. That surge reflects growing trader interest in blockchain-based alternatives to traditional shares."
Translation: "Saham token telah mencecah $1.4 bilion dalam nilai teragih merentas 2,246 aset berbeza. Pasaran ini berkembang 29.68% dalam tempoh sebulan sahaja, dengan jumlah pemindahan bulanan mencecah $3.24 bilion. Lonjakan ini mencerminkan minat pedagang yang semakin meningkat terhadap alternatif berasaskan blokchain kepada saham tradisional."
"Distributed value" -> "nilai teragih" (distributed as in spread across assets). "Transfer volume" -> "jumlah pemindahan". "Blockchain" remains.
Third paragraph: "Investors shouldn't expect shareholder perks. The SEC framework explicitly excludes voting rights and dividend access for these tokenized versions. Companies won't need to back or consent to these digital twins trading publicly. It's purely about creating a regulatory path for the secondary market."
Translation: "Pelabur tidak sepatutnya mengharapkan faedah pemegang saham. Rangka kerja SEC secara jelas mengecualikan hak mengundi dan akses dividen untuk versi token ini. Syarikat tidak perlu menyokong atau memberi persetujuan kepada kembar digital ini untuk didagangkan secara awam. Ini semata-mata mengenai mewujudkan laluan kawal selia untuk pasaran sekunder."
"Shareholder perks" -> "faedah pemegang saham". "Digital twins" -> "kembar digital" (common term). "Secondary market" -> "pasaran sekunder".
Fourth paragraph: "Ondo Finance controls 59.77% of the market with $883 million in tokenized assets under management. xStocks holds the next largest share at $404.5 million (27.38%). The top two players now account for 87% of the entire $1.4 billion ecosystem. Smaller platforms scramble to compete as volume surges."
Translation: "Ondo Finance mengawal 59.77% pasaran dengan $883 juta dalam aset token di bawah pengurusan.
