SEC Grants DTCC No-Action Relief for Tokenization Pilot, Nasdaq Proposes Extended Trading Hours

Blockbeats

Release Time:12/20/2025 12:17:34

On December 15, 2025, Nasdaq filed Form 19b-4 with the SEC to expand U.S. equity trading hours to 23 hours daily, adding a nighttime session from 21:00–4:00 ET. Separately, the SEC granted DTCC a No-Action Letter on December 11, 2025, permitting DTC’s tokenization pilot under specific terms. The NAL allows testing of blockchain-based securities transfers without full compliance with 19b rule changes. DTC plans to use LedgerScan for oversight while supporting risk-on assets. Nasdaq’s proposal, meanwhile, focuses on traditional markets and does not address tokenization. The DTCC pilot must adhere to Countering the Financing of Terrorism protocols as part of its compliance framework.

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