BlockBeats News, March 19th, the U.S. Securities and Exchange Commission has officially approved Nasdaq’s rule amendment, allowing a pilot program for trading securities in a “tokenized form” on its exchange, marking a key step for traditional capital markets toward blockchain.
According to the plan, eligible stocks and ETFs can be cleared and settled in the form of on-chain tokens within the existing trading system, sharing the same order book, identical trading priority, and fully consistent shareholder rights with traditional stocks.
The pilot is advancing based on the Depository Trust & Clearing Corporation’s (DTC) tokenization initiative, allowing investors to choose whether to settle in token form when placing orders, with the system completing on-chain processing post-trade.
Nasdaq stated that, aside from the settlement method, trading rules, market data, fee structures, and regulatory monitoring remain unchanged, with tokenized securities still fully integrated into the current securities law framework.
The industry views this move as signifying that “tokenization of U.S. stocks” has officially entered the regulatory implementation phase, potentially reshaping the securities issuance, trading, and settlement systems.
