Nasdaq has submitted an important proposal to the SEC for trading tokenized securities on its main market, which could change the financial ecosystem.
Tokenized Securities: Nasdaq's Initiative
On Monday, Nasdaq filed a proposal with the U.S. Securities and Exchange Commission (SEC). The goal is to amend trading rules to allow the exchange of listed stocks and exchange-traded products not only in traditional forms but also in tokenized formats. This proposal fits into a broader context of changes in the American regulatory landscape.
Transformation of the Financial Ecosystem
Tokenization captures attention far beyond Wall Street. Coinbase has already requested authorization to offer tokenized shares, while Bank of America and Citigroup are also exploring the matter. Institutional investors view tokenization as a means to streamline global liquidity. However, concerns exist regarding the lack of liquidity in the secondary market and the absence of clear international standards.
Regulatory Challenges and the Future of Tokenization
Regulators caution against the need to comply with existing laws. SEC Commissioner Hester Peirce emphasizes that tokenized securities cannot bypass existing regulations. Nasdaq recognizes this importance and asserts that tokenized instruments will only be considered equivalent to their traditional counterparts if they confer the same economic and political rights.
Nasdaq's filing for tokenized securities trading may represent a significant step toward integrating blockchain into traditional financial markets. If approved by the SEC, the first tokenized securities could emerge by the end of 2026.
