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09/09 07:38

Breaking: Nasdaq Seeks SEC Approval to List Tokeni

Breaking: Nasdaq Seeks SEC Approval to List Tokenized Stocks
Nasdaq has filed a proposed rule change with the U.S. SEC, aiming to tokenize stocks and be able to list them on its platform.

An image to Nasdaq's logo and SEC's logo
Highlights

Nasdaq is seeking to let investors trade tokenized stocks on its platform.
The stock exchange indicated that these tokenized stocks should trade similar to traditional stocks.
The SEC already earlier clarified that tokenized stocks remain securities.
In a massive development, Nasdaq has filed with the U.S. Securities and Exchange Commission to enable the trading of tokenized stocks on its platform. This comes as companies look to tokenize their stocks, with Galaxy Digital among the first to make this move.


Nasdaq Files With SEC To List Tokenized Stocks
An SEC filing shows that the stock exchange has asked the Commission to let investors trade tokenized stocks on its platform. The exchange operator has filed a proposed rule change to amend the Exchange’s rules to enable the trading of securities on its platform in tokenized form.

In line with this, Nasdaq proposes the trading of these securities in either traditional form (without utilizing blockchain technology) or tokenized form (utilizing blockchain technology).

Furthermore, Nasdaq detailed how these tokenized stocks will trade, suggesting that they should trade similarly to traditional stocks if they have the same shareholder rights as the underlying security. The exchange operator also proposes to label these tokenized stocks as such, so that it is clear to market participants when they want to settle their trades.

It also proposes that tokenized stocks receive the same priority as traditional stocks when executing orders. Notably, this move comes just days after Galaxy Digital became the first Nasdaq-listed company to tokenize its common stock.

It is worth mentioning that the SEC has already clarified before now that tokenized stocks are still securities, suggesting that these kinds of stocks will still get the same treatment as traditional assets.

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