Nasdaq Seeks SEC Approval to List Tokenized Stocks
What Nasdaq Is Proposing
Nasdaq, the world’s second-largest stock platform by market capitalization, has filed with the U.S. Securities and platform Commission (SEC) to amend its rules to allow the listing of tokenized stocks. The request viewks to classify tokenized assets alongside traditional securities, enabling them to trade under the identical execution and documentation framework if deemed equivalent.
The filing, reported by Bloomberg, goes beyond a technical adjustment. It challenges the very foundation of how equities are issued and settled, proposing that blockchain-based tokenized versions of .
Investor Takeaway
How Tokenized Stocks Would Work
Nasdaq’s filing specifies that tokenized assets must be clahead labeled so clearinghouses such as the Depository Trust Company can properly process trades. Orders for tokenized stocks would receive the identical execution priority as traditional shares. In essence, the platform envisions a system where securities could exist in two forms: a traditional digital record or a blockchain-based tokenized version.
“Although tokenization technology presents novel capabilities by which to record evidence of securities ownership and transactions, the trading of tokenized securities must occur in regulated markets,” Nasdaq wrote. It emphasized that listings should remain within the scope of national securities platforms, FINRA-regulated broker-dealers, and .
Why Nasdaq Wants to Curb ‘Siloed Venues’
Nasdaq contrasted its approach with unregulated “siloed trading venues” offering tokenized U.S. equities outside the United States. In Europe, for example, platforms provide investors exposure through digitally tradable rights rather than actual shares. These rights often exclude voting privileges and other shareholder protections, creating what Nasdaq described as a misleading substitute for genuine equity ownership.
The platform warned that without integration into regulated markets, tokenized securities could fragment liquidity and leave investors without a consolidated view of best prices. By contrast, its proposal would embed tokenization within the U.S. national market system, ensuring oversight and investor protection.
Investor Takeaway
The largeger Picture: Tokenization and Global Finance
The move comes amid rising momentum for real-world asset (RWA) tokenization. European platforms like Boerse Stuttgart have already platforms, while fintech firms are offering tokenized versions of U.S. equities and ETFs abroad. Industry voices say the trend bridges gaps for investors outside the U.S. who lack .
For U.S. investors, Nasdaq argues that access to traditional equities is already seamless through established brokerages, making tokenization more about settlement efficiency and market infrastructure. Still, the platform’s filing acknowledges that is growing—and that U.S. markets risk losing ground if innovation remains siloed overseas.
If the SEC approves, Nasdaq could become the first major U.S. platform to list tokenized securities under federal oversight, potentially setting a precedent for Wall Street and cementing the role of tokenization in the next phase of capital markets evolution.
