SEC opens review of Nasdaq plan to list tokenized stocks that still settle via DTCC
The U.S. Securities and Exchange Commission has opened a formal review of Nasdaq’s proposal to list and trade tokenized stocks and ETFs on the same order book and rights framework as traditional shares. Nasdaq proposes using blockchain to represent securities to improve trading efficiency while retaining clearing and settlement through the Depository Trust & Clearing Corporation (DTCC). The SEC’s public consultation asks for comment on legal, operational and investor-protection risks, and whether tokenized and conventional securities can coexist without separate accounts. Industry responses are mixed: supporters highlight potential post-trade efficiency and cost benefits, while Ondo Finance and Cboe Global Markets have urged the SEC to delay approvals until the DTCC clarifies how settlement for tokenized securities will work. The review does not imply approval; its outcome will influence how quickly tokenization is adopted in mainstream equity markets and could shape regulatory, settlement and investor-protection frameworks for blockchain-based securities. Keywords: tokenized stocks, Nasdaq, SEC review, DTCC settlement, tokenization.
Neutral
The news is neutral for crypto-market prices because it concerns tokenized versions of equities rather than a native cryptocurrency. Short-term impact on crypto asset prices is likely limited: the SEC’s formal review increases regulatory clarity but does not grant approval and has prompted calls for more DTCC guidance, which adds uncertainty. Traders could see modest volatility in tokenization-related projects or exchange tokens if market participants react to updates, but broader crypto markets should remain largely unaffected. In the long term, approval and clear DTCC settlement rules could be bullish for tokenization infrastructure and projects building compliant digital securities (supporting demand for platforms and services in that niche). Conversely, regulatory delays or stricter requirements would slow adoption and dampen sector-specific demand. Overall, immediate price direction is uncertain; the main effects are on institutional adoption, settlement workflows and legal frameworks rather than on a specific cryptocurrency’s supply or demand.