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ARTICLE · 16 SEPTEMBER 2025

Nasdaq Proposes Rule Changes To Enable Trading Of Tokenized Securities

Greenberg Traurig
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On Sept. 8, 2025, the Nasdaq Stock Market LLC filed a proposed rule change with the U.S. Securities and Exchange Commission to enable the trading of tokenized equity securities and exchange-traded products (ETPs)...

United StatesTechnology
Nathan M. Iacovino
Nathan M. Iacovino
Barbara A. Jones
Barbara A. Jones
William Mack
William Mack
Ryan Helmrich
Ryan Helmrich
Kyle Jaep
Kyle Jaep

On Sept. 8, 2025, the Nasdaq Stock Market LLC filed a proposed rule change with the U.S. Securities and Exchange Commission to enable the trading of tokenized equity securities and exchange-traded products (ETPs) on its platform. The proposal, submitted under Form 19b-4 (SR-NASDAQ-2025-072), represents a significant step toward integrating blockchain-based assets into the existing U.S. equities market infrastructure.

On Sept. 9, 2025, the SEC published the proposal for public comment.

Overview of the Proposal

As a self-regulatory organization under the Securities Exchange Act of 1934 (Exchange Act), Nasdaq is required to seek the SEC's approval before changing its own rules. Nasdaq's recent filing seeks to amend its rules to allow securities to be traded in either traditional form, which consists of a digital representation of ownership and rights without utilizing distributed ledger (blockchain) technology, or tokenized form, which consists of a digital

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