SEC Approves Nasdaq to Launch Tokenized Stock Trading Pilot

The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq to conduct a pilot program for tokenized stock trading, marking a further integration of traditional finance and blockchain. According to the document, eligible participants can settle stocks in the pilot operated by the Depository Trust & Clearing Corporation (DTCC) through tokenization. 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 existing trading structure, representing an important step in gradually integrating traditional securities market infrastructure with blockchain technology. Under the leadership of SEC Chairman Paul Atkins, regulators are accelerating rulemaking related to cryptocurrencies, including exploring mechanisms like “innovation exemptions.” However, the SEC still emphasizes that tokenized securities must comply with existing securities laws. Overall, this pilot further validates the possibility of listing tokenized stocks on mainstream exchanges and paves the way for broader on-chain securities trading in the future.