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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.

SEC’s ‘Crypto Mom’ affirms tokenized securities remain subject to regulations

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Hester Peirce, a Republican commissioner of the U.S. Securities and Exchange Commission (SEC) known as “crypto mom” for her supportive views on cryptocurrencies, emphasized on Wednesday that tokenized securities must comply with existing securities regulations.

Peirce stated, “As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset. Tokenized securities are still securities.” Tokenization refers to converting traditional shares into digital tokens traded on blockchain platforms. Investors holding these tokens own a representation of the underlying securities.

She warned that tokens issued by third parties, rather than the original security issuers, carry distinct risks for investors.

The concept of tokenized securities is gaining traction in the crypto and finance industries as a potential way to innovate trading processes. Coinbase recently revealed it is seeking SEC approval to offer blockchain-based stock trading.

SEC Chairman Paul Atkins, also a Republican, voiced support for fostering innovation but stressed regulatory oversight remains important. Critics argue that tokenization could be exploited to bypass SEC rules, putting retail investors at risk.