Nasdaq has asked the US Securities and Exchange Commission (SEC) to authorize a rule change that would allow securities listed on the exchange to be traded in either their current electronic form or as blockchain-based tokens.
The filing, submitted September 8, 2025, was first reported by Reuters and CoinDesk.
If approved, the system would let investors choose on a trade-by-trade basis whether to settle positions conventionally or through tokenized versions of the same shares. Nasdaq emphasized that tokenized stocks would carry identical rights to traditional ones, including shareholder voting and liquidation claims.
Clearing would remain anchored in the Depository Trust Co., the backbone of US securities settlement, though trade records would also be stored on distributed ledgers.
Nasdaq’s filing comes as both traditional finance firms and crypto-native exchanges experiment with tokenization. Robinhood introduced stock tokens for European clients earlier this year, while Galaxy Digital created tokenized shares of its own stock. Coinbase has separately sought regulatory relief to handle tokenized equities in the US.
Tokenization could streamline settlement and open markets to more participants, though outdated regulations and the absence of legally recognized on-chain records will likely limit how quickly such systems can scale.
The SEC itself has shown interest: Chair Paul Atkins recently launched “Project Crypto,” describing tokenization as potentially transformative for market structure. At the same time, Commissioner Hester Peirce has warned that tokenized instruments remain securities under law, meaning issuers and venues must continue to meet federal compliance standards.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/nasdaq-sec-tokenized-securities
