Overview

• Latest reporting says the SEC is reviewing a plan to permit blockchain-registered versions of public stocks to trade on regulated crypto venues, with no formal rule or timeline yet.
• The Information, echoed by Fortune, reports the effort could rely on exemptive relief to launch trading more quickly, though the scope and duration remain unclear.
• Nasdaq has sought approval to list tokenized securities, Coinbase is preparing a licensing application for digital equities, and Robinhood and Kraken have rolled out tokenized stock products in certain overseas markets.
• Proponents cite near-instant settlement, fractional access, and reduced reliance on clearinghouses, while critics flag unresolved issues around custody, compliance, and shareholder rights.
• Citadel Securities has urged a go-slow approach to ensure genuine market benefits, and ETF analyst Eric Balchunas expects limited impact on ETFs even if the SEC proceeds.