Overview

• Nasdaq asked the SEC to approve rule changes so listed equities and ETFs can be represented and traded either traditionally or on-chain on the same market.
• Orders flagged for tokenized settlement would have equal execution priority on the same order book and must convey the same voting, dividend, and ownership rights as conventional shares.
• Tokenized trades would clear and settle through the Depository Trust Company once its blockchain-ready infrastructure is available, with implementation contingent on that readiness.
• Nasdaq said the first token‑settled trades could occur by late Q3 2026 if the SEC approves the filing and DTC’s systems are in place.
• The exchange positioned the move as bringing tokenization under U.S. oversight, citing concerns about overseas platforms offering equity-like tokens that do not provide actual shareholder rights.