What Is Nasdaq Asking the SEC to Approve?
Nasdaq is treating the launch of tokenized stocks as a top priority and plans to move quickly once it receives feedback from regulators. The exchange submitted its proposal on Sept. 8, requesting permission to list digital versions of publicly traded shares directly on Nasdaq. These “stock tokens” would represent real equity positions, potentially bringing on-chain settlement and blockchain-based ownership into the mainstream U.S. equities market.
Speaking to CNBC, Matt Savarese, Nasdaq’s head of digital assets strategy, said the team is prepared to move as soon as regulators finish reviewing public comments. When asked whether approval could come this year, he said: “We’ll just move as fast as we can.”
Savarese added: “I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through. We hope to kind of work with them as quickly as possible.”
Investor Takeaway
Is Nasdaq Trying to Redesign How Stocks Trade?
Savarese pushed back against assumptions that tokenized equities are an attempt to rebuild Wall Street’s core infrastructure from scratch. “We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.
He also noted that Nasdaq wants to launch the product “in that responsible investor-led way first, under the SEC rules themselves,” making clear the exchange intends to operate entirely within the existing regulatory framework.
Nasdaq has a long track record of introducing new market technology, having moved electronic trading into the U.S. equities system decades ago. The exchange sees blockchain as the next stage of that progression, though not necessarily a replacement for existing market rails. Stock tokens would instead operate alongside conventional trading systems.
Why Is Crypto Split on Tokenized Equities?
Tokenized shares have become one of the most discussed topics in digital asset markets this year. Supporters argue that bringing equities onto blockchains opens the door for 24/7 trading, faster settlement, more transparent ownership tracking and programmatic corporate actions. Critics say the benefits may accrue mostly to traditional markets rather than the crypto sector.
Galaxy Digital CEO Mike Novogratz recently described tokenization as an important development and said Galaxy became the first Nasdaq-listed company to put its equity on a major blockchain when it launched on Solana. His view aligns with firms that see tokenization as a step toward modernizing legacy market plumbing.
But others have raised doubts. Dragonfly general partner Rob Hadick told Cointelegraph on Oct. 1 that tokenized stocks offer clear value to traditional markets but may not deliver the upside to the crypto industry that some expect. He warned that if these products operate on layer-2 networks, value could “leak” outward rather than return to Ethereum or crypto-native ecosystems.
The debate reflects a deeper divide: some see tokenization as a bridge connecting crypto and TradFi, while others view it as a parallel system that could absorb attention and capital without strengthening the rest of the digital asset sector.
Investor Takeaway
What Happens Next for Nasdaq and the SEC?
Nasdaq is waiting for the SEC to finish reviewing public comments before moving to the next stage. The process is likely to involve multiple rounds of questions and clarifications. The SEC’s stance on digital representations of real-world assets has been cautious, and tokenized securities fall squarely within its jurisdiction.
The timing of approval — if granted — will depend on how the SEC views risk, custody, compliance workflows and investor protections. Savarese noted that Nasdaq wants to work closely with the regulator rather than push for rapid deployment without full alignment.
The broader environment around tokenization is shifting quickly. In October, Robinhood CEO Vlad Tenev said tokenization will “eventually eat the whole financial system,” reflecting a growing belief in certain circles that blockchain-based asset issuance may become the norm for future markets. Whether that vision aligns with U.S. regulation remains an open question.
For now, Nasdaq’s filing signals a move from discussion to implementation. The exchange is preparing the groundwork for a world where blockchain-based shares trade alongside traditional equity markets — not as a theoretical idea, but as a regulated product on a major U.S. exchange.
