As the second-largest securities exchange in the world by market capitalization, Nasdaq is seeking regulatory approval from U.S. securities regulators to list tokenized stocks.
On Monday, Nasdaq submitted an application to the U.S. Securities and Exchange Commission (SEC) to amend rules to allow the company to list tokenized stocks.
The exchange operator specifically requested modifications to certain rules, including the definition of securities, to enable the trading of tokenized stocks under the same execution and documentation rules as traditional securities, provided that the tokenized versions are deemed equivalent.
According to Bloomberg, Nasdaq's application to the SEC will go beyond technical rule changes, as it involves the fundamentals of stock issuance and settlement.
One of the changes Nasdaq is seeking is that tokenized assets should be clearly marked to ensure that all participants, including institutions responsible for clearing and settlement (such as custodial trust companies), can properly handle these transactions.
"Securities can be traded on the Nasdaq market center in traditional form (a digital representation of ownership and rights, but not using distributed ledger ('blockchain' technology)) or in tokenized form (a digital representation of ownership and rights using blockchain technology)," the company stated in the filing.
Additionally, Nasdaq indicated that tokenized assets will enjoy the same priority as traditional stocks when executing orders on the exchange.
If approved, U.S. regulated exchanges, including Nasdaq, will be authorized to list tokenized stocks on their platforms, which could enhance the liquidity of blockchain versions of traditional securities.
In the filing, Nasdaq emphasized the importance of placing tokenized securities under the regulatory scope of established securities market participants, opposing the listing in "isolated trading venues" where investors would "not have access to a comprehensive concept of the best market price."
"While tokenization technology offers novel capabilities for recording securities ownership and transaction evidence, the trading of tokenized securities can and must largely occur in the manner prescribed by Congress when it enacted and subsequently amended the statute," the company stated, adding:
Nasdaq also argued that tokenized securities should be traded "in the context of an interconnected national market system."
In addition to pushing regulators to incorporate tokenization into the regulatory scope of established market participants, Nasdaq expressed concerns about the increasing number of products in Europe offering exposure to U.S. tokenized stocks.
"Some trading platforms claim to provide investors with investment opportunities in tokenized U.S. 'stocks,' but they do not provide investors with actual shares of U.S. companies," Nasdaq wrote, adding:
Nasdaq's proposal comes at a time of growing global interest in real-world assets (RWA), with many platforms choosing to list tokenized versions of U.S. investment products, such as Tesla stock or exchange-traded funds (ETFs), for users in jurisdictions like Europe.
"The reality is that U.S. users can already access traditional stocks, such as stocks and ETFs, relatively seamlessly through established brokerage platforms," Ailona Tsik of Alchemy Pay commented in June when discussing the platform's partnership with the backed stock tokenization platform xStocks.
"Our mission in launching this product is to bridge the gap for users outside the U.S., particularly those in regions where direct access to such assets is traditionally limited or unavailable," the executive stated.
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Original article: “Nasdaq Asks SEC for Rule Change to Trade Tokenized Stocks”
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