⚠️ SEC officially approves Nasdaq's pilot program for tokenized U.S. stocks According to the approval documents from the U.S. Securities and Exchange Commission, Nasdaq has been authorized to launch a pilot project for trading tokenized stocks. Eligible participants can complete stock settlements and trades in token form within a custodial framework. This pilot program clarifies that: Tokenized stocks will share the order book and matching priority with traditional stocks, and must provide investors with rights and legal protections that are fully consistent with common stock. This marks the first time in the U.S. that a mainstream exchange has opened a regulatory pathway for "on-chain securities." Structurally, this is not only a technological upgrade for RWA but also a crucial step in the migration of traditional financial infrastructure to on-chain systems. Previously, tokenized stocks were largely limited to offshore markets, and this pilot indicates that core U.S. stock assets are beginning to enter the on-chain mapping system. The SEC also revealed that in the coming weeks, it will seek public comments on related innovation exemption rules, and the pilot period has yet to be announced. This is not crypto accessing Wall Street; rather, it is Wall Street beginning to go on-chain.