Nasdaq requests SEC clearance to trade tokenized stocks – Ledger Insights – blockchain for enterprise
Today the Nasdaq announced that it has lodged a rule change request with the Securities and Exchange Commission (SEC) to support the trading of tokenized stocks on the exchange.
The goal is for tokenized stocks and the conventional version to be traded under the same rules and order execution and carry the same rights. While the DTC would still look after post trade, there would be the option of settlement either as a conventional security or in the tokenized form.
Last week Galaxy Digital showed how this is done, with Superstate acting as the transfer agent for tokenized securities. The book of record was simply transferred from a conventional ledger to the blockchain.
“Today’s filing marks an early step in Nasdaq’s journey to bring digital assets technology into the U.S. equities markets and to take a responsible approach to bridge the gap between the digital-asset and traditional-asset worlds,” said Tal Cohen, President of Nasdaq. “Our proposal aims to provide meaningful benefits to markets by integrating new capabilities into the fabric of our financial system and further advancing the world’s most efficient and trusted markets.”
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