Overview

• Nasdaq filed a rule change with the SEC to permit listed stocks and ETPs to trade in traditional form or as on-chain tokens on the same order book under the same execution priority.
• The exchange says tokenized versions must carry the same material rights as conventional shares, including voting and liquidation rights, or they will be treated as distinct instruments.
• Trades would clear and settle through the Depository Trust Company once its token settlement infrastructure is operational, preserving current routing, pricing, surveillance and reporting.
• Nasdaq indicated the first token-settled transactions could be possible by the end of the third quarter of 2026, contingent on the DTC timeline and SEC approval.
• The filing cites the SEC’s evolving agenda and flags concerns over overseas offerings that sell synthetic stock tokens without conferring actual shareholder ownership.