Nasdaq files with SEC to list tokenized stocks

According to market sources, Nasdaq has officially submitted a rule amendment proposal to the U.S. Securities and Exchange Commission (SEC) aimed at allowing the exchange to list and trade securities in traditional digital or tokenized form.

This move is seen as a major step for Nasdaq in embracing the trend of asset tokenization and integrating blockchain technology. According to documents obtained by Bloomberg, Nasdaq's proposal details the trading mechanism framework for tokenized securities.

Its core proposal is that if a tokenized security can be proven to have the same legal effect as the underlying traditional security and grant holders the same shareholder rights, such security should be subject to the same trading execution rules and information disclosure requirements as ordinary securities, whether traded on Nasdaq or any other compliant trading venue.

The document further states that all tokenized assets must clearly mark their attributes in the trading identifier so that market participants—particularly the Depository Trust Company (DTC), which is responsible for executing clearing and settlement instructions—can accurately identify and process related transactions.

Nasdaq specifically emphasized that tokenized securities will enjoy the same priority as traditional securities during order execution, ensuring fair trading and market consistency.

Bloomberg analysis believes that this proposal goes beyond a general technical rule adjustment and instead touches upon the core logic of securities definition, issuance, and settlement.

Its ultimate outcome will directly impact the future positioning of tokenization technology in the financial ecosystem: whether it will remain on the fringes of the crypto asset world or be truly integrated into mainstream Wall Street infrastructure.

If the proposal is approved by the SEC, it will mark the first time that a regulated US securities exchange will allow tokenized stocks to be included in its existing trading system, enabling blockchain technology to directly connect with the world's most liquid and actively traded stock market.

This pilot program is also expected to provide practical evidence for the current market debate over whether blockchain will reshape financial infrastructure or merely serve as an additional tool for crypto-native companies, thereby promoting broader technological adoption and institutional innovation.