Nasdaq aims to fast-track SEC review for tokenized stocks
Nasdaq is prioritizing approval from the U.S. Securities and Exchange Commission for its plan to list tokenized versions of exchange-listed stocks, according to Matt Savarese, the exchange’s head of digital assets strategy. Speaking in a Thursday interview, Savarese said the exchange intends to proceed as quickly as possible while addressing regulatory feedback.
Savarese said Nasdaq will review public comments and respond to the SEC’s questions as they are received, adding that the exchange aims to work with the regulator expeditiously.
The proposal, filed on Sept. 8, seeks permission for investors to buy and sell stock tokens—digital representations of shares in publicly traded companies—directly on the exchange.
Nasdaq positions tokenization as incremental under SEC oversight
Savarese emphasized that the initiative is intended to complement, not overhaul, existing market structures. He said Nasdaq aims to advance tokenization in a measured, investor-focused manner within the SEC’s regulatory framework.
In October, Robinhood CEO Vlad Tenev said tokenization would ultimately permeate the financial system.
Industry split on tokenized equities
Savarese said Nasdaq intends to be an innovator in the market infrastructure, noting the exchange’s earlier transition from paper-based trading to electronic systems.
On Sept. 3, Galaxy Digital CEO Mike Novogratz said the firm became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.
Some industry participants have expressed reservations. On Oct. 1, Rob Hadick, a general partner at crypto venture firm Dragonfly, said tokenized equities could deliver significant advantages to traditional markets but may not provide the anticipated benefits to the broader crypto sector. He noted that if tokenized stocks operate on layer-2 networks, value could “leak” rather than flow back to Ethereum or the wider crypto ecosystem.
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