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Nasdaq Moves to Enable Tokenized Securities Trading in Landmark Push

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Nasdaq (NDAQ.O) has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to allow trading of tokenized securities on its main exchange, marking what could be the first time blockchain-based settlement enters the U.S. national market system.

The exchange operator said the rule change would permit listed stocks and exchange-traded products to trade in either traditional digital form or tokenized form, provided tokenized securities retain the same rights and privileges as their conventional counterparts. If approved, Nasdaq expects the first token-settled trades by late 2026, contingent on the Depository Trust Company’s infrastructure being ready.

Investor interest in tokenization—turning assets like stocks, bonds, or real estate into blockchain-based tokens—is surging. Proponents argue it could improve liquidity, settlement speed, and efficiency. Tal Cohen, Nasdaq’s president, called tokenization an “extraordinary opportunity” to automate processes and accelerate trade settlements.

Nasdaq stressed that safeguards from the national market system must remain intact, countering concerns raised by the World Federation of Exchanges and the World Economic Forum, which have warned of liquidity gaps and systemic risks. SEC Commissioner Hester Peirce has also noted that tokenized securities cannot circumvent existing laws.

The proposal comes as the SEC, under new chair Paul Atkins, signals a more crypto-friendly regulatory environment. The move would align Nasdaq with a global push, where some platforms already trade tokenized U.S. equities in Europe—though often without granting actual shareholder rights. Nasdaq said its framework would ensure full investor protections.

If successful, this would mark a major milestone in merging blockchain with traditional finance, offering Wall Street investors regulated access to tokenized securities for the first time.

Trump Crypto Ally Justin Sun Says His World Liberty Tokens Were Frozen

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Justin Sun, the China-born crypto entrepreneur and major backer of Donald Trump’s World Liberty Financial ($WLFI), said Friday that his tokens tied to the project were “unreasonably frozen.” Sun has invested at least $75 million in WLFI, making him the second-largest known investor after the Trump family, whose stake has already generated hundreds of millions in profits.

Sun did not disclose how many tokens were blocked or who initiated the freeze. Blockchain data from analytics firm Nansen shows that a World Liberty “guardian address” blacklisted a wallet controlled by Sun on Thursday, locking around 545 million WLFI tokens. He had earlier moved 50 million tokens out of that wallet.

World Liberty responded vaguely, saying it does not “seek to blacklist anyone” but will act against “malicious or high-risk activity.” Sun’s firm Tron confirmed that he and the WLFI team were in “active communication.” Despite the dispute, Sun said he planned to buy another $20 million worth of WLFI-related assets, including $10 million in new tokens.

The controversy highlights the tangled business ties between Trump’s political family and crypto ventures. Sun has regularly appeared alongside Eric Trump at crypto conferences, while promoting World Liberty’s projects through his platforms. The Trump family’s involvement in WLFI—at a time when the president is publicly backing crypto—has fueled concerns about conflicts of interest, particularly as some business partners, including Sun, face regulatory scrutiny.

The U.S. SEC still has a civil fraud case pending against Sun, though reports suggest the Trump administration is exploring a settlement. Meanwhile, WLFI’s token value has dropped sharply, sliding from above 30 cents at launch to around 18 cents on Friday.

CFTC Moves to Permit Spot Crypto Trading on Registered Futures Exchanges

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The U.S. Commodity Futures Trading Commission (CFTC) announced plans to launch an initiative allowing spot trading of crypto asset contracts on futures exchanges registered with the agency. This effort aims to further integrate digital assets into traditional finance and could accelerate broader crypto adoption.

Acting Chair Caroline Pham explained that the CFTC will work alongside the Securities and Exchange Commission’s Project Crypto to enable federal-level trading of digital assets. The agency has opened a public comment period to gather input on how to designate spot crypto asset contracts for trading on regulated markets.

Industry leaders welcomed the move as a significant step toward aligning crypto markets with conventional financial standards. Saad Ahmed, head of Asia Pacific at Gemini, said the initiative could expand institutional and sophisticated investor participation worldwide.

The development follows several crypto-friendly actions by the Trump administration, including bills like the GENIUS Act and CLARITY Act aimed at creating tailored regulatory frameworks. Shortly after taking office, President Trump established a crypto working group tasked with recommending new regulations, fulfilling his campaign pledge to overhaul U.S. crypto policy.

Last week, the administration released a landmark report urging the SEC to implement specific rules for digital assets and encouraged the CFTC to use its existing powers to “immediately enable” federal digital asset trading. Trump, who branded himself the “crypto president” during his campaign, received substantial financial support from the crypto industry and Republican congressional candidates.

SEC Chair Paul Atkins recently outlined multiple pro-crypto initiatives, including developing clearer guidelines on when a crypto token qualifies as a security and proposals for disclosure and exemption rules.

The dual approach by the CFTC and SEC marks a victory for the crypto sector, which has long sought tailored regulations. It may also benefit exchanges, which have dominated spot trading by operating in a regulatory gray area.

Joseph Edwards, head of research at Enigma Securities, expressed optimism that a wider range of digital assets beyond Bitcoin and Ethereum could establish themselves on U.S. trading platforms over the next two years, aided by initiatives like this.

However, the success of these initiatives hinges on resolving fundamental questions about whether digital assets should be regulated as commodities or securities—a longstanding issue for U.S. regulators.

Neither the CFTC nor the SEC has provided further comments yet.

This shift under the Trump administration sharply contrasts with the Biden administration’s regulatory crackdown, which has included lawsuits against major exchanges such as Coinbase and Binance for alleged violations of U.S. laws. The Trump-era SEC has reportedly dropped these cases.