Notice2026-05563
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 2, To Amend the Exchange's Rules To Enable the Trading of Securities on the Exchange in Tokenized Form
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 23, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 55 (Monday, March 23, 2026)</title>
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[Federal Register Volume 91, Number 55 (Monday, March 23, 2026)]
[Notices]
[Pages 13900-13904]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05563]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105047; File No. SR-NASDAQ-2025-072]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order
Approving a Proposed Rule Change, as Modified by Amendment No. 2, To
Amend the Exchange's Rules To Enable the Trading of Securities on the
Exchange in Tokenized Form
March 18, 2026.
I. Introduction
On September 8, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
[[Page 13901]]
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the Exchange's rules to enable the
trading of securities on the Exchange in tokenized form. The proposed
rule change was published for comment in the Federal Register on
September 22, 2025.\3\ On November 3, 2025, pursuant to Section
19(b)(2) of the Act,\4\ the Commission designated a longer period
within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\5\ On December 12, 2025, the
Commission instituted proceedings under Section 19(b)(2)(B) of the
Act,\6\ to determine whether to approve or disapprove the proposed rule
change.\7\ On December 29, 2025, the Exchange filed Amendment No. 1 to
the proposed rule change, which replaced and superseded the original
filing in its entirety. On January 20, 2026, the Exchange filed
Amendment No. 2 to the proposed rule change, which replaced and
superseded the original filing, as modified by Amendment No. 1, in its
entirety. The proposed rule change, as modified by Amendment No. 2, was
published for comment in the Federal Register on January 30, 2026.\8\
This order approves the proposed rule change, as modified by Amendment
No. 2.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 103989 (Sept. 16,
2025), 90 FR 45426. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-nasdaq-2025-072/srnasdaq2025072.htm">https://www.sec.gov/comments/sr-nasdaq-2025-072/srnasdaq2025072.htm</a>.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 104173, 90 FR 51424
(Nov. 17, 2025). The Commission designated December 21, 2025, as the
date by which the Commission shall approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 104384, 90 FR 58646
(Dec. 17, 2025).
\8\ See Securities Exchange Act Release No. 104693 (Jan. 27,
2026), 91 FR 4138 (``Amendment No. 2''). Capitalized terms not
defined in this order are defined in the Exchange's rules.
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II. Description of the Proposal, as Modified by Amendment No. 2
<SUP>9</SUP>
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\9\ For a more complete description of the proposal see
Amendment No. 2 supra note 8.
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The Exchange proposes amending its rules to enable the trading of
securities on the Exchange in tokenized form during the pendency of a
tokenization pilot program (``DTC Pilot'') operated by the Depository
Trust Company (``DTC'') pursuant to the terms of a December 11, 2025
No-Action Letter.\10\ Nasdaq market participants that are eligible to
participate in the DTC Pilot (``DTC Eligible Participants'') would be
able to trade tokenized versions of certain equity securities and
exchange traded products on the Exchange that are eligible for
tokenization as part of the DTC Pilot (``DTC Eligible
Securities'').\11\ According to Nasdaq, while they are actively
assessing multiple methods of tokenization and trading of tokenized
securities,\12\ the proposed rule change describes and applies to one
method by which DTC Eligible Securities can trade on Nasdaq, using DTC
to clear and settle trades in token form, per order handling
instructions that DTC Eligible Participants may select upon entering
their orders for DTC Eligible Securities on Nasdaq.\13\
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\10\ See id. at 4138; see also No-Action Letter Request Related
to The Depository Trust Company's Development of the DTCC
Tokenization Services from Jeffrey S. Mooney, Associate Director,
Division of Trading and Markets, to Brian Steele, Managing Director,
President, Clearing & Securities Services, DTCC, and Nadine Chakar,
Managing Director, Global Head of DTCC Digital Assets, DTCC, dated
December 11, 2025, including incoming letter from DTCC on behalf of
DTC (``No-Action Letter'') at <a href="https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf">https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf</a>.
\11\ See Amendment No. 2 supra note 8 at 4140.
\12\ See id. at 4140 n.10.
\13\ See id. at 4140.
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First, Nasdaq proposes to amend its definition of a security in
Equity 1, Section 1, to mean, in part, a ``security'' as that term is
defined in Section 3(a)(10) of the Act that is either listed on the
Exchange or traded on the Exchange pursuant to unlisted trading
privileges.\14\ Further, under the proposed rule, a security may be
traded in the Nasdaq Market Center in either traditional form (i.e.,
digital representation of ownership and rights, but without utilizing
blockchain technology) or, for the duration and under the terms of the
DTC Pilot, in tokenized form (i.e., digital representation of ownership
and rights that utilizes blockchain technology).\15\ Under the proposed
rule, a share of a tokenized DTC Eligible Security would be tradable in
the Nasdaq Market Center together with, on the same order book as, and
with the same execution priority as, its traditional counterpart, but
only if the tokenized security is fungible with, shares the same CUSIP
number with and trading symbol, and affords its shareholders the same
rights and privileges as does a share of an equivalent class of the
traditional security.\16\ According to the Exchange, DTC Eligible
Securities that would be eligible to trade on the Exchange would be
limited to, for purposes of this proposal, (i) securities in the
Russell 1000 Index at the time the service launches as well as any
additions to the index thereafter and notwithstanding the subsequent
removal of any securities from the index; and (ii) ETFs that track
major indices, such as the S&P 500 index and Nasdaq-100 index.\17\
Nasdaq would publish Equity Trader Alerts periodically to identify a
current list of DTC Eligible Securities that may trade in tokenized
form on the Exchange.\18\
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\14\ See Proposed Equity 1, Section 1(a)(2).
\15\ See id.
\16\ See id. and Amendment No. 2 supra note 8 at 4141-42.
\17\ See Amendment No. 2 supra note 8 at 4143.
\18\ See Proposed Rule Section 1(a)(2).
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Second, the Exchange proposes to amend its Order Entry Rule, at
Equity 4, Rule 4756, to describe how a DTC Eligible Participant can
communicate its desire to clear and settle a DTC Eligible Security in
tokenized form.\19\ Under the proposed rule, a DTC Eligible Participant
that wishes for its order in a DTC Eligible Security to clear and
settle in tokenized form must notate its preference upon entry of the
order in the System by selecting a flag that the Exchange designates
for this purpose, in accordance with the Exchange's procedures.\20\
When a DTC Eligible Participant enters an order for a DTC Eligible
Security with the tokenization flag selected, the Exchange, as an agent
or designee of such DTC Eligible Participant, would communicate the DTC
Eligible Participant's tokenization preference to DTC on a post-trade
basis.\21\ The flag would indicate the DTC Eligible Participant's
preference as to what form the security should take (i.e., token or
traditional) and it also may include other information or instructions
that DTC may require the DTC Eligible Participant to enter, in
accordance with DTC's rules, policies, and procedures, and the terms of
the No-Action Letter, to effectuate the flag, such as the DTC Eligible
Participant's selection of a blockchain and a digital wallet address
for a tokenized DTC Eligible Security.\22\ DTC would then carry out the
DTC Eligible Participant's tokenization preference as set forth in the
flag, as well as any instructions attendant thereto to the extent that
the flag or instruction is executable in accordance with DTC's rules,
policies,
[[Page 13902]]
and procedures, and the terms of the No Action Letter.\23\
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\19\ See Proposed Rule 4756(a)(5) and Amendment No. 2 supra note
8 at 4142.
\20\ See id.
\21\ See id.
\22\ See id. The Exchange would issue an Equity Trader Alert
prior to requiring a DTC Eligible Participant to enter any such
information or instructions to the flag, other than its tokenization
preference. See id.
\23\ See id.
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As proposed, Nasdaq's systems would not determine whether a market
participant is a DTC Eligible Participant or whether a security is a
DTC Eligible Security at the time of order entry and selection of the
tokenization flag.\24\ Nasdaq also would not determine whether DTC is
able to execute a tokenization order for other reasons, including
because the DTC Eligible Participant wishes to mint the token to a
blockchain that is not compatible with the DTC Pilot or deposit it into
a wallet that is not registered with DTC.\25\ Thus, if at the time of
order entry, a market participant is not a DTC Eligible Participant,
the security selected for tokenization is not a DTC Eligible Security,
or there are other reasons why DTC cannot execute a tokenization
preference or instruction, DTC would settle the executed order in
traditional (non-tokenized) form, in accordance with DTC's rules,
policies, and procedures.\26\
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\24\ See id.
\25\ See id.
\26\ See id.
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Third, Nasdaq proposes to amend its Book Processing Rule, at Equity
4, Rule 4757, to state that the mere fact that an order contains
tokenized securities or indicates a preference to clear and settle DTC
Eligible Securities in token form would not affect the priority in
which the Exchange executes that order.\27\
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\27\ See id.
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Fourth and finally, the Exchange proposes to amend its Order
Routing Rule, at Equity 4, Rule 4758, to state that when the Exchange
routes orders in DTC Eligible Securities that DTC Eligible Participants
have designated for clearing and settlement in token form, in
accordance with the Exchange's order entry rules and procedures, the
Exchange would communicate this tokenization instruction to DTC upon
receiving an execution for an order that was routed to another trading
venue.\28\
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\28\ See Proposed Rule 4758(a)(1)(A) and Amendment No. 2 supra
note 8 at 4142.
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Nasdaq states that apart from the above, as far as Nasdaq's systems
and matching engine are concerned, the Exchange's trading procedures
and behavior would be the same regardless of whether a DTC Eligible
Participant opts to trade tokenized or traditional shares of a DTC
Eligible Security.\29\ For example, according to Nasdaq, the following
aspects of its trading system and procedures would not change when
trading tokenized securities:
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\29\ See Amendment No. 2 supra note 8 at 4142.
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<bullet> All Exchange order types and attributes would be available
for use by tokenized securities.
<bullet> All Exchange routing strategies would be available for
orders in tokenized securities.
<bullet> Orders in tokenized securities may participate in all of
the Exchange's trading sessions as well as in its Opening and Closing
Crosses, subject to generally applicable eligibility criteria.
<bullet> Participants may utilize their existing connectivity to
enter orders in tokenized securities.
<bullet> The Exchange's fee schedule would not vary based upon
whether shares that Participants execute are tokenized or traditional
in nature.
<bullet> Market data feeds would not differentiate between
tokenized and traditional shares.
<bullet> The Exchange would comply with any Commission requirements
to report tokenization data to the Consolidated Audit Trail.
<bullet> Market surveillance of tokenized and traditional
securities would rely upon the same underlying data, which would
continue to be accessible by Nasdaq and FINRA.
<bullet> Trades in tokenized securities handled by DTC would
continue to settle on a T+1 basis.
<bullet> Nasdaq's clearly erroneous and risk management measures
would cover tokenized securities.
<bullet> Trading of tokenized securities would not be expected to
alter the existing proxy distribution process.\30\
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\30\ See id. at 4142-43. According to DTC, a DTC Eligible
Participant may need to issue a de-tokenization instruction or DTC
may need to force convert the tokenization entitlement into a book-
entry entitlement in order to receive a distribution or replacement
security or to issue instructions in relation to the corporate
action. In such situations, DTC would, to the extent feasible,
provide the relevant participants with advance notice of the need to
provide such instruction or DTC's need to take such action. See No
Action Letter supra note 10, attached incoming request at 10-11; see
also Amendment No. 2 supra note 8 at 4143 n.23.
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According to Nasdaq, its proposal would become effective once the
requisite infrastructure and post-trade settlement services have been
established by DTC.\31\ Further, Nasdaq would alert its Members in an
Equity Trader Alert at least 30 calendar days before the Exchange
begins trading DTC Eligible Securities in tokenized form on its
market.\32\
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\31\ See Amendment No. 2 supra note 8 at 4143.
\32\ See id.
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III. Discussion and Commission Findings
The Commission finds that the Exchange's proposal, as modified by
Amendment No. 2, is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\33\ In particular, the Commission finds the proposed rule
change, as modified by Amendment No. 2, is consistent with Section
6(b)(5) of the Act.\34\ Section 6(b)(5) of the Act requires that the
rules of a national securities exchange be designed, among other
things, to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system and, in general, to protect investors and the public
interest.
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\33\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
\34\ 15 U.S.C. 78f(b)(5).
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The Commission received comment letters on Nasdaq's proposed rule
change, all of which were submitted prior to the filing of Amendment
No. 2 and most of which were submitted prior to the No-Action
Letter.\35\ While some commenters commended Nasdaq on its proposal to
accommodate and incorporate tokenization and generally agreed that
tokenized securities should trade within the existing regulatory
framework,\36\ some of these commenters discussed the lack of
information available regarding the DTC proposed process for settling
tokenized securities.\37\ Commenters also raised
[[Page 13903]]
competitive concerns and questioned how the Commission would ensure
that the regulatory framework remains technologically neutral and does
not inadvertently pick winners and losers,\38\ and raised concerns
regarding issuer choice.\39\ Other commenters made recommendations
outside the scope of the Nasdaq proposal.\40\ Finally, one commenter
objected to Nasdaq's proposal as being unnecessary.\41\ This commenter
raised general concerns regarding tokenizing securities such as some
provisions of securities laws being potentially inapplicable, the risk
of prices diverging from the price of the traditional security, market
surveillance concerns, and tokenized securities potentially not
offering holders the same rights as shareholders in the underlying
company.\42\ The commenter agreed that ``Nasdaq's proposal is better
than having tokenized securities that do not offer the same rights and
privileges as traditional securities trade on unregulated crypto
exchanges,'' but questioned why having tokenized securities trading on
Nasdaq was ``necessary at all.'' \43\
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\35\ See letters from Brent Taylor, dated September 13, 2025
(``Taylor Letter''); Benjamin L. Schiffrin, Director of Securities
Policy, Better Markets, Inc., dated October 14, 2025 (``Better
Markets Letter''); Katie Kolchin, CFA, Managing Director, Head of
Equity & Options Market Structure, and Gerald O'Hara, Vice President
& Assistant General Counsel, SIFMA, dated October 14, 2025 (``SIFMA
Letter''); Morrison C. Warren, James Audette, Elizabeth S. Boison,
Christian Brockman, Chapman and Cutler LLP on behalf of The Digital
Chamber, dated October 14, 2025 (``TDC Letter''); Peter Curley, Head
of Global Regulatory Affairs, Ondo Finance Inc., dated October 14,
2025 (``Ondo Letter 1''); Patrick Sexton, EVP, General Counsel, and
Corporate Secretary, Cboe Global Markets, Inc., dated November 26,
2025 (``Cboe Letter''); and Peter Curley, Head of Global Regulatory
Affairs, Ondo Finance Inc., dated December 15, 2025 (``Ondo Letter
2''). In Ondo Letter 2, Ondo withdrew its original objection to
Nasdaq's proposal in Ondo Letter 1 in light of the information
contained in the No-Action Letter. See Ondo Letter 2.
\36\ See Cboe Letter at 1 and SIFMA Letter at 1-3; see also
Taylor Letter (recommending, in part, the Commission consider a
pilot tokenization sandbox with Nasdaq as an initial pilot).
\37\ See Cboe Letter at 1 (stating there is more to learn on the
mechanics of the post-trade tokenization process envisioned by DTC),
SIFMA Letter at 3 (stating that SIFMA looks forward to reviewing
more details about the technical and operational aspects of the
proposal when information regarding the DTC process is available),
and TDC Letter at 2 and 6 (stating the lack of details regarding
DTC's requisite infrastructure and post-trade settlement services
makes it difficult for stakeholders and regulators to fully assess
the Nasdaq proposal's impact on market structure, competition, and
innovation).
\38\ See TDC Letter at 1-3.
\39\ See id. at 3 (stating that ``issuer choice should be a
central consideration that is thoughtfully and thoroughly examined
before any final rules can be considered''); Taylor Letter (stating
that tokenization experiments that proceed without issuer
coordination risk fragmenting liquidity); and see also Better
Markets Letter at 3 (stating that tokenized stocks may be issued by
a third party and it is not clear with whom investors are
investing).
\40\ See Taylor Letter (recommending the Commission adopt the
Swiss approach to tokenized securities); Cboe Letter at 1 (stating
that it is worth considering whether any move toward tokenization
should be an industry-wide initiative backed by Commission
rulemaking and holistic regulatory review); TDC Letter at 11-12
(recommending in part regulatory sandboxes, pilot programs,
conditional exemptive relief, and principles-based technology-
neutral regulations).
\41\ See Better Markets Letter at 1.
\42\ See id. at 2-3.
\43\ See id. at 5.
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As described above, some commenters expressed concerns regarding
the lack of detail as to how the DTC proposed process would affect
tokenization in Nasdaq's original filing before the issuance of the No-
Action Letter.\44\ However, the incoming letter from DTCC on behalf of
DTC provides sufficient detail to address these concerns. Moreover,
Nasdaq, in Amendment No. 2, provided more detail than the original
filing regarding the tokenization process by, in part, (i) clarifying
the information required from DTC Eligible Participants for DTC to
effectuate a tokenization request,\45\ (ii) tailoring its proposal to
the DTC Pilot by clarifying that only DTC Eligible Participants can
request to tokenize DTC Eligible Securities,\46\ and (iii) providing
more detail regarding tokenization and post-trade processing.\47\
Accordingly, one commenter, who had previously raised concerns about
the lack of public information regarding the DTC initiatives, concluded
that ``there is now sufficient information in the public domain to
allow interested parties to comment intelligently on the Proposal and
for the Commission to determine whether the proposed rule change by
Nasdaq is consistent with the requirements of'' the Act in light of the
information contained in DTCC's incoming letter.\48\ This commenter
withdrew its original objection to Nasdaq's proposal.\49\
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\44\ See also Letter from Brett M. Kitt, Vice President, Deputy
General Counsel, Nasdaq, dated December 29, 2025, at 6 (stating that
the No-Action Letter, DTC's no-action request letter, and
informational materials on DTC's website should together suffice to
address most questions and concerns) (``Nasdaq Response Letter'').
\45\ See Proposed Rule 4756(a)(5).
\46\ See Proposed Section 1(a)(2) and Proposed Rule 4756(a)(5).
\47\ See Amendment No. 2 supra note 8 at 4143-44.
\48\ See Ondo Letter 2 at 1.
\49\ See id.
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Further, while commenters expressed views regarding the
Commission's approach to securities tokenization, this order is limited
to the Nasdaq proposal, which would allow securities to clear and
settle in tokenized form pursuant to the DTC Pilot.\50\ Nasdaq, in its
response to commenters made clear ``that its tokenization proposal is
not exclusive but rather is one of multiple forms that currently exist
or may come to exist.'' \51\ Further, Nasdaq has stated that other
forms of tokenization and clearance and settlement are under
discussion.\52\ However, to the extent that Nasdaq plans to adopt any
alternative to the DTC Pilot, it would file a proposed rule change with
the Commission.\53\
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\50\ Nasdaq has represented that the proposal is intended to
offer ``a means by which market participants can utilize the DTC
pilot tokenization program when trading on the Exchange.'' See
Amendment No. 2 supra note 8 at 4144. Moreover, the ``post-trade
settlement services, including the eligibility of a member's orders
to be settled in tokenized form, will be determined by DTC's
policies and procedures and the No Action Letter.'' See id.
\51\ See Nasdaq Response Letter supra note 44 at 1.
\52\ See Amendment No. 2 supra note 8 at 4143 n.24.
\53\ See id. at 4140 n.10 and 4143 n.24. In addition, this
proposed rule change does not address whether and how Nasdaq may
choose to trade non-fungible tokenized instruments in the future
pursuant to a proposed rule change. See id. at 4142 n.20.
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While comments were expressed regarding the risks of tokenization,
such as prices diverging between tokenized and traditional securities,
holders of tokenized securities not receiving the same rights as
shareholders in the underlying company, provisions of securities laws
being potentially inapplicable, and market surveillance concerns,\54\
these concerns have been addressed. Pursuant to the Nasdaq proposal, a
tokenized share of a DTC Eligible Security must be fungible with, share
the same CUSIP number and trading symbol with, and afford its
shareholders the same rights and privileges as a share of an equivalent
class of the traditional security for it to trade on Nasdaq.\55\
Further, Nasdaq has represented that it would trade DTC Eligible
Securities ``within the confines of existing securities laws and
rules'' \56\ and that its trading system and procedures, except as
described above, would be the same regardless of whether a security is
tokenized.\57\ A tokenized share of a DTC Eligible Security and its
traditional counterpart would trade on the same order book and with the
same execution priority.\58\ Moreover, market data feeds would not
differentiate between tokenized and traditional shares and market
surveillance of tokenized and traditional securities would rely upon
the same underlying data, which would continue to be accessible by
Nasdaq and FINRA.\59\
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\54\ See Better Markets Letter at 2-4. See also SIFMA Letter at
2 n.5 (stating that ``issuing and trading tokenized securities
outside the core protections of the federal securities laws and
regulations also could increase investors' exposure to fraud,
manipulation, and undisclosed conflicts of interest'') and TDC
Letter at 9 (raising the question of how surveillance tools will be
adapted for blockchain-based trading).
\55\ See Proposed Section 1(a)(2), and Amendment No. 2, supra
note 8 at 4141-42. A tokenized DTC Eligible Security would be deemed
to provide the same rights and privileges as a traditional security
if, among other things, it conveys an equity interest in an
underlying company, a right to receive any dividends that the
company issues to its shareholders, a right to exercise any voting
rights that shareholders are due, and a right to receive a share of
the residual assets of the company upon liquidation. See Amendment
No. 2, supra note 8 at 4141. Further, as discussed above, Nasdaq has
represented that it would submit a proposed rule change if it
decides to trade non-fungible tokenized instruments in the future.
See supra note 53.
\56\ See Amendment No. 2 supra note 8 at 4141.
\57\ See id. at 4142-43. Nasdaq has also represented that if
Nasdaq develops functionality to allow it to check for eligibility
to tokenize at order entry, it would submit a rule proposal to
effectuate that functionality.
\58\ See Proposed Section 1(a)(2), and Amendment No. 2, supra
note 8 at 4141.
\59\ See Amendment No. 2 supra note 8 at 4143.
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Based on the foregoing, the Commission therefore finds that the
proposal, as modified by Amendment No. 2, is consistent with the Act
and the requirements that the rules of an exchange be designed, among
other
[[Page 13904]]
things, to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system and, in general, to protect investors and the public
interest.
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\60\ that the proposed rule change (SR-NASDAQ-2025-072), as
modified by Amendment No. 2, be, and hereby is, approved.
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\60\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\61\
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\61\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-05563 Filed 3-20-26; 8:45 am]
BILLING CODE 8011-01-P
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