Nasdaq accelerates its plan to tokenize shares under full oversight of the SEC

Source: CritpoTendencia Original Title: Nasdaq accelerates its plan to tokenize stocks under full SEC oversight Original Link: Nasdaq has elevated the tokenization of stocks to a strategic priority and is determined to move as quickly as possible in collaboration with the SEC to obtain approval for its proposal. This was expressed by Matt Savarese, director of digital assets of the exchange, during an interview with CNBC.

Savarese emphasized that the goal is not to alter the market structure, but to integrate blockchain technology within the current regulatory framework.

The initiative would allow trading tokenized stocks, digital representations of listed stocks, under the same rules of the National Market System, maintaining full rights for investors.

Tokenization without altering the market architecture

Savarese emphasized that Nasdaq is not looking to reinvent the traditional financial system: “We are not creating an exotic instrument. The stock is the stock.”

In September, Nasdaq submitted a formal request to change the rules to enable trading in a tokenized format for both stocks and exchange-traded products, while preserving investor protection standards, execution, and oversight.

The design is based on one premise: evolution, not revolution. The tokens would operate with the same current tickers and CUSIP, and would be processed by clearinghouses and the Depository Trust Company (DTC) just like any traditional stock. Nasdaq would keep its order book intact and all the flow under SEC rules, ensuring operational continuity.

The executive compared this transition to previous milestones in Nasdaq's history, such as the shift from paper to electronic trading. The logic, he insisted, is to guide market participants towards tokenization without disrupting critical processes.

Post-trade efficiency and collateral: the first major benefits

Savarese outlined a phased approach. In the short term, tokenization would generate immediate efficiencies in settlement processes, without the need to reconfigure the infrastructure of market participants. The priority will be to integrate blockchain as an enhancement layer, not as an abrupt replacement.

In the next stage, the key will be collateral mobility, an area where tokenization can offer substantial advantages. “Being able to take that asset, place it in a collateral pool, and move it instantaneously directly enhances capital efficiency,” Savarese explained, noting that this would eliminate the need to over-collateralize certain positions.

In the longer term, Nasdaq aims at use cases such as corporate actions, proxy voting, and programmable functions through smart contracts. The acquisition of Calypso through the agreement with Adenza provides the exchange with a collateral management platform considered industry standard, now connected with blockchain rails.

A regulatory path that sets the pace

Nasdaq has already entered the public comment period following its September filing, which closed in mid-October. Now, the focus is on working with the SEC to move towards approval.

“We will move as quickly as we can with the SEC,” Savarese noted, avoiding concrete estimates due to the uncertainty generated by recent government disruptions.

The executive emphasized a cooperative stance: attracting the entire ecosystem towards tokenization without confronting the regulator. This vision aligns with recent messages within the agency: President Paul Atkins called for clear rules for the classification of digital assets, while Commissioner Hester Peirce reiterated that the agency is willing to work with tokenization proposals that maintain total transparency.

The Nasdaq movement comes in the context of global expansion: the tokenized stock market already exceeds $650 million, with monthly transfers growing rapidly, according to data from RWA.xyz.