Nasdaq accelerates its plan to tokenize stocks under the full supervision of the SEC

Source: CritpoTendencia Original Title: Nasdaq accelerates its plan to tokenize shares under full SEC supervision Original Link: https://criptotendencia.com/2025/11/30/nasdaq-acelera-su-plan-para-tokenizar-acciones-bajo-supervision-total-de-la-sec/ Nasdaq has elevated the tokenization of shares 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 stated by Matt Savarese, director of digital assets at 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 for the trading of tokenized shares, digital representations of listed shares, under the same rules of the National Market System, maintaining full rights for investors.

Tokenization Without Altering 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 filed a formal request to change the rules to enable trading in a tokenized format for both stocks and exchange-traded products, 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 the 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 the history of Nasdaq, 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 a sudden 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 for 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 submission, which closed in mid-October. Now, the focus is on working with the SEC to move towards approval.

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

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 full transparency.

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