Nasdaq’s proposal (SR-NASDAQ-2025-072) to integrate tokenized securities into its existing market structure represents a significant, regulator-led advancement for asset tokenization. The proposal is meticulously designed to operate within the existing U.S. national market system, leveraging the Depository Trust Company (DTC) for settlement to ensure compliance and investor protection. While this initiative validates the underlying technology of blockchain and presents a long-term bullish case for the convergence of traditional and digital finance, its immediate, direct impact on the native crypto market is likely to be muted. The proposal focuses exclusively on the tokenization of existing, regulated securities rather than creating new, crypto-native assets. Success hinges on regulatory approval, DTC’s technical execution, and market participant adoption, with a realistic timeline extending into 2026 and beyond. Overall, this is a foundational step with profound long-term implications, but near-term expectations should be tempered.
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