Nasdaq President Pushes Bid to Bring U.S. Stocks On-Chain With SEC Filing

TLDR:

• Nasdaq has submitted a filing to the SEC seeking approval to trade tokenized securities on its U.S. stock market.
• If cleared, investors could trade equities through either traditional systems or blockchain-based tokenized platforms.
• Nasdaq stated tokenized assets should operate within regulated markets like national exchanges and FINRA broker-dealers.
• The filing aims to combine blockchain efficiency with existing protections in the U.S. equities market.
  

Nasdaq has taken a decisive step that could reshape how U.S. stocks are traded. In a public filing, the exchange asked the Securities and Exchange Commission (SEC) to approve the trading of tokenized securities alongside traditional equities. 

The move positions blockchain technology directly within regulated U.S. markets. If approved, investors could have the choice to trade assets either on-chain or through the existing system. The request signals a push to merge the efficiency of blockchain with the protections of established equity markets.

SEC Filing Brings Tokenized Stocks Into Play

Tal Cohen, president of Nasdaq, confirmed the filing through a LinkedIn post. In it, he explained the proposal aims to allow tokenized securities to be treated on equal footing with traditional shares. 

Nasdaq wrote that investors could select between blockchain-based trading or the current route, with no difference in execution priority.

The filing emphasized that all tokenized trades would remain within regulated markets. This includes national securities exchanges, alternative trading systems, and broker-dealers overseen by the Financial Industry Regulatory Authority (FINRA). 

Cohen said the approach would safeguard investor rights while introducing efficiencies such as faster settlements and automated processes.

Crypto analyst MartyParty also drew attention to the filing, calling it a huge development. His post on X (formerly Twitter) spread quickly among market watchers who noted that the plan could bring institutional adoption closer.

Cohen stressed that existing investor protections would not be compromised. He described blockchain as a tool to reduce friction in capital markets while preserving trust.

The Nasdaq Vision for Blockchain in Equity Markets

In the filing, Nasdaq stated that the U.S. equities markets are already liquid and efficient. The proposal, therefore, is not meant to replace existing systems but to extend their capabilities through tokenization. 

The exchange argued that integrating blockchain into the national market system could scale innovation without eroding stability.

Nasdaq highlighted that custodians and clearing houses will still play a role in managing risk and ensuring dividends and voting rights are protected. It also pointed to the lessons learned from decentralized finance, where rapid innovation sometimes outpaced proper governance.

By working with both existing and new infrastructure providers, Nasdaq said it intends to balance speed and security. The exchange positioned the move as an early but cautious step toward embedding blockchain into U.S. stock trading.

The filing now awaits review by the SEC, which will determine whether tokenized trading can operate within the same rules that have governed equities for decades. Until then, the proposal remains a major test of how blockchain can be integrated into Wall Street’s core.

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