Overview
- Nasdaq’s filing SR-NASDAQ-2025-072 seeks approval to list and trade securities in tokenized form contingent on DTC building tokenized settlement infrastructure.
- Ondo told the SEC that Nasdaq’s proposal rests on a “preliminary sense” of DTC’s approach with no public evidence, which it says prevents a lawful, informed review.
- The firm warned that nonpublic details could advantage large incumbents and leave smaller market participants without equal ability to prepare or compete.
- Ondo said it could support Nasdaq’s plan if DTC discloses how tokenized post-trade processes would operate for clearing, settlement, and custody.
- The SEC has not approved the rule, and Ondo asked the agency to require DTC transparency or open formal proceedings that could lead to modification or disapproval.