SEC approves Nasdaq to launch a pilot program for tokenized stock trading
The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq to launch a pilot program for trading tokenized stocks, marking a further integration of traditional finance and blockchain.
According to the documents, eligible participants can choose to settle stocks in tokenized form in a pilot operated by the Depository Trust & Clearing Corporation (DTCC). At the same time, these tokenized stocks will share the same order book and matching priority as traditional stocks and must provide investors with the same shareholder rights. This pilot allows market participants to explore the feasibility of on-chain settlement without changing the trading structure, representing an important step in gradually introducing traditional securities market infrastructure to blockchain. Under the leadership of SEC Chairman Paul Atkins, the regulatory agency is accelerating the development of rules related to cryptocurrencies, including exploring mechanisms such as "innovation exemptions." However, the SEC still emphasizes that tokenized securities must comply with the existing securities legal framework. Overall, this pilot further validates the possibility of tokenized stocks being implemented on mainstream exchanges and paves the way for broader on-chain securities trading in the future.
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