SEC APPROVES NASDAQ RULE CHANGE TO ENABLE TOKENIZED SECURITIES TRADING

Key Facts & Trends: Nasdaq filed SR-NASDAQ-2025-072 in Sept 2025 to enable trading tokenized equities and ETPs alongside traditional securities via DTC's permissioned blockchain pilot (No-Action Letter Dec 2025). Same CUSIP, rights, and regulatory oversight apply. As of March 2026, still under SEC review with proceedings ongoing; potential launch late Q3 2026. Implications: Upsides include faster/near-instant settlement, 24/7 trading potential, fractional shares, and enhanced audit trails within established NMS framework. Risks involve operational complexity, cybersecurity, and custody challenges during pilot. Alpha angle: This isn't disruption—it's absorption. TradFi co-opting blockchain rails while retaining guardrails may accelerate institutional RWA adoption faster than standalone crypto experiments, quietly signaling T+0 settlement as the new baseline.