⚠️SEC formally approves Nasdaq pilot for tokenized US stocks

According to approval documents from the US Securities and Exchange Commission, Nasdaq has been authorized to launch a pilot program for tokenized stock trading. Eligible participants can complete stock settlement and trading in tokenized form within the custodian institution framework.

The pilot clarifies:
Tokenized stocks will share order books and matching priorities with traditional stocks, and must provide investors with equity rights and legal protections identical to ordinary shares.
This is the first time the US has opened institutional access for "on-chain securities" at the mainstream exchange level.
From a structural perspective, this is not only a technological upgrade of RWA, but also a critical step in migrating traditional financial infrastructure on-chain. Previously, tokenized stocks were largely confined to offshore markets, while this pilot means — core US stock assets are beginning to enter the on-chain mapping system.
The SEC also revealed that it will seek public comments on related innovation exemption rules in the coming weeks, with the pilot period not yet announced.
This is not crypto accessing Wall Street, but Wall Street beginning to go on-chain.