Pursuant to the approval order issued by the U.S. Securities and Exchange Commission (SEC) on March 18, 2026, the SEC has formally approved Nasdaq’s rule filing (SR-NASDAQ-2025-072), permitting Nasdaq to trade securities in tokenized form under the Depository Trust Company’s (DTC) tokenization pilot program. Eligible securities include components of the Russell 1000 Index and ETFs tracking major indices such as the S&P 500 and Nasdaq 100. Tokenized securities must share the same CUSIP number and trading symbol as their traditional counterparts and confer identical shareholder rights to holders in order to be listed and traded. Nasdaq stated that tokenized and traditional securities will be matched at the same priority level on a single order book, with unchanged trading rules, market surveillance, and T+1 settlement mechanisms.
SEC Approves Nasdaq's Rules for Trading Tokenized Securities
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Summary
On March 18, 2026, the U.S. Securities and Exchange Commission approved Nasdaq’s rule amendment (SR-NASDAQ-2025-072), enabling the trading of tokenized securities under the DTC tokenization pilot. The rule applies to components of the Russell 1000 index and ETFs tracking major indices such as the S&P 500 and Nasdaq 100. Tokenized assets will use the same CUSIP and trading codes as traditional securities, with identical shareholder rights. Nasdaq confirmed that tokenized and traditional securities will be treated equally in order books, with no changes to trading rules, surveillance, or T+1 settlement. Initial trading activity is expected to influence overall trading volume.
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