Thomas Daniels
Nasdaq, the second-largest stock exchange globally by market capitalization, has submitted a formal request to the U.S. Securities and Exchange Commission (SEC) seeking a regulatory rule change that would allow the listing and trading of tokenized stocks on regulated U.S. exchanges.
The proposal represents a pivotal step toward integrating blockchain-based securities into traditional capital markets. If approved, tokenized shares would be treated as equivalent to traditional stocks—granted they convey identical rights and obligations. Nasdaq’s filing emphasizes that these digital securities would operate under the same execution, settlement, and documentation standards already governing conventional equities.
This rule amendment would not only modernize how assets are issued and settled but also create a framework where blockchain infrastructure coexists with the existing national market system. In particular, Nasdaq proposes that all tokenized assets be clearly labeled to ensure full transparency for market participants, including clearinghouses such as the Depository Trust Company (DTC), thereby preserving operational integrity throughout the settlement process.
Importantly, tokenized shares would carry the same order execution priority as traditional equities, reinforcing the principle of market neutrality regardless of the asset’s form. The SEC’s decision on this matter could pave the way for the first fully compliant, on-chain trading of regulated securities in the U.S., potentially launching as early as the third quarter of 2026.
While the regulatory environment remains cautious, Nasdaq’s proposal underscores its commitment to innovation within the existing legal framework—ensuring market protections are maintained while expanding access to blockchain-powered financial instruments. This development could significantly enhance liquidity, transparency, and efficiency across capital markets, signaling a new era in securities trading.
