This article is reprinted with permission from C Labs Crypto Watch, author: C Labs Lao Wang, copyright belongs to the original author.

The SEC updated its proposal section early in the morning, and one proposal quickly spread throughout the crypto community:

On September 8, 2025, at the start of the day Eastern Time, Nasdaq submitted proposal SR-NASDAQ-2025-072 to the U.S. Securities and Exchange Commission (SEC), intending to amend exchange rules to allow stocks and exchange-traded products (ETPs) to be traded in a "tokenized form" on the exchange.

By the time I published this article, it had been just over an hour since the signing time:

The so-called "tokenized securities" refer to digital stocks that use blockchain (distributed ledger) technology to record ownership and rights.

The core of the proposal is: as long as the tokenized securities have the same rights as traditional stocks (same CUSIP code, voting rights, dividend rights, clearing rights, etc.), they can be traded on the same order book as traditional stocks and have the same priority for execution.

The SEC's proposal mechanism is based on Section 19(b)(1) of the Securities Exchange Act of 1934. After the exchange (SRO, self-regulatory organization) submits Form 19b-4, the SEC will publish it in the Federal Register for public comment, and then decide to approve or disapprove within 45–90 days.

This time, Nasdaq is the initiator of the proposal, and the chosen approval path is the 19(b)(2) regular path:

Submission → Publication in the Federal Register → Public comment solicitation;

The SEC has a 45-day review period, which can be extended to 90 days;

The SEC will ultimately either approve, disapprove, or enter a more in-depth process.

Don't our crypto friends think that the SEC's governance model is somewhat similar to a DAO organization, accepting ecological project proposals and having an approval process?

That's right, most institutions in the U.S. operate in this manner. The three approval processes provided by the SEC are as follows:

19(b)(2): Normal process, most significant proposals (like Nasdaq's tokenized securities rules) follow this path, requiring SEC approval, 45–90 days.

19(b)(3)(A): Minor changes (like fee schedule adjustments), effective immediately upon reporting, but the SEC can halt it within 60 days.

19(b)(3)(B): Emergencies as determined by the SEC, effective immediately, used very rarely.

The original content of this proposal is quite lengthy, about forty pages, but the core content consists of the following points:

Amendment of definition (Equity 1): Clarifying that securities can be in "traditional form" or "tokenized form";

Order processing (Rule 4756): Trading parties can choose a "tokenized settlement" mark when placing orders, and the system will pass the instructions to DTC (Depository Trust Company);

Matching mechanism (Rule 4757): Whether tokenized or not will not affect order priority;

DTC will be responsible for "tokenized settlement" in the future, converting traditional stock accounts into digital wallet holdings on the blockchain, ensuring consistency between on-chain and off-chain reconciliations.

Nasdaq expects DTC to launch the relevant system as early as the third quarter of 2026.

Here’s a brief introduction to DTC:

DTC is the largest central securities depository in the U.S., under DTCC (Depository Trust & Clearing Corporation).

It provides custody, clearing, and settlement services for almost all securities in the U.S. (stocks, bonds, ETFs, etc.).

So in short, Nasdaq's plan could turn all U.S. stocks into tokenized assets overnight.

On the stock market level:

The entry of tokenized securities into the Nasdaq main board means that traditional market infrastructure is merging with blockchain;

Investors may be able to trade "traditional stocks" and "tokenized stocks" in the same market, improving settlement efficiency;

For issuing companies, maintaining the integrity of shareholder rights is a prerequisite to avoid the chaos of "diluted token stocks."

On the crypto market level:

Compared to the "pseudo-token stocks" circulating in Europe and some crypto exchanges (which only have price rights, no voting rights), the Nasdaq plan offers compliant, fully equal tokenized stocks;

In the future, it may attract stablecoins, RWA (real-world asset tokenization), and stock tokenization to interconnect, increasing on-chain funding entry;

In the long run, if the SEC gradually opens up, it could create a closed loop of U.S. stocks → on-chain finance → stablecoin liquidity, which would be a significant benefit for the crypto ecosystem.

Nasdaq's proposal is not just a revision of market rules; it could become a milestone for "traditional securities tokenization."

If the SEC ultimately approves it, it will be the first time the U.S. national market system formally accepts blockchain underlying technology, truly achieving institutional integration between Wall Street and the crypto world.

Related: Nasdaq applies to the SEC for rule changes to trade tokenized stocks

Original article: “SEC formally accepts: Nasdaq's tokenized stocks are about to launch”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。