• Nasdaq has filed a proposal with the SEC to amend its rules, seeking to enable the trading of its listed securities in both traditional and tokenized digital form.
  • The move aligns with the SEC's ongoing evaluation of a regulatory framework for digital assets, including a major roundtable held in May 2025.
  • Approval would mark a watershed moment, accelerating the integration of blockchain technology with mainstream capital markets and potentially reshaping trading mechanics.

In a significant step toward modernizing market infrastructure, Nasdaq has formally submitted a rule change proposal to the Securities and Exchange Commission. The filing, confirmed by people familiar with the matter, seeks to amend the exchange’s rules to permit the trading of securities listed on its platform not only in their conventional form but also as blockchain-based digital tokens.

The proposal represents a major push by a leading traditional exchange to bridge the gap with the emerging digital asset ecosystem. It comes amid a noticeable shift in the regulatory landscape, with the SEC actively examining frameworks for tokenized securities. The Commission held a pivotal roundtable on the subject just last month, signaling a willingness to consider conditional exemptions that would allow for blockchain-based issuance and trading, provided stringent market integrity and investor protection conditions are met.

If approved, the rule change would fundamentally alter how equities are traded and settled. It could pave the way for near-instantaneous settlement (T+0), 24/7 trading capabilities, and enhanced opportunities for fractional ownership. The move is seen as a competitive response to both international jurisdictions that already permit such trading and to domestic first-movers. Dinari recently secured SEC approval to offer tokenized equities in the US, while other crypto-native platforms like Coinbase and Kraken are actively pursuing similar initiatives.

Nasdaq’s financial performance has remained robust, driven in part by growing investor interest in next-generation digital assets and a strong pipeline of tech listings. The exchange’s leadership has been increasingly vocal about the potential for blockchain to drive efficiency and reduce costs in capital markets. A spokesperson for Nasdaq declined to comment on the ongoing regulatory process.

The filing is now subject to the SEC’s review and public comment period. Market participants are watching closely, as a green light would likely trigger a wave of similar proposals from other exchanges and brokerages, forcing a rapid evolution of the entire market structure.