SEC launches review of tokenized securities, can the Nasdaq plan bridge traditional stock markets and on-chain trading?

Question

【CryptoWorld】The SEC officially begins soliciting public comments to evaluate Nasdaq’s proposal to launch tokenized securities. The core appeal of this proposal is that on-chain stocks can be traded directly alongside traditional stocks in the same trading book, with settlement completed through DTCC, offering faster speeds and lower costs. Sounds quite promising.

There are already precedents in reality. Galaxy Digital has tokenized its Nasdaq-listed stock on the Solana chain, which is undoubtedly a sign of traditional capital markets and blockchain technology accelerating their integration. However, attitudes are not entirely consistent—some institutions still have reservations about settlement details, concerned about risks during implementation.

Interestingly, progress on the regulatory front is speeding up. The US Commodity Futures Trading Commission has already permitted tokenized assets to be used as collateral, signaling that asset tokenization is no longer a niche topic but part of a broader financial innovation framework. Regulators are trying to find a balance: embracing innovation while controlling risks. Whether all this can ultimately be implemented depends on the final decision of the SEC.

0xTherapist · Accepted Answer

Here comes the tokenization again. It sounds good, but can it really be implemented? I’m skeptical.

Is DTCC really ready? Don’t let it turn into a bunch of unnecessary disputes later.

Galaxy’s recent moves are indeed interesting, but the problem is that most institutions are still watching from the sidelines.

Speed and low cost have been mentioned many times... but who bears the risk?

Regulatory easing is one thing, but there are still many pitfalls in actual operations.

Let’s wait until the day when on-chain trading is truly possible before discussing further. It’s a bit early to say it’s fully connected now.

Why must it be either/or? Can’t traditional finance and on-chain activities coexist and each do their own thing?

Collateral is actually the key point here; asset liquidity has suddenly increased.

Honestly, if this really materializes, it will put a lot of pressure on market makers.

It still feels like it’s in the PPT stage; we should wait for detailed rules before making an assessment.

StrawberryIce · Answer

Coming back with this set again? Sounds impressive, but how does it actually translate into real-world application?

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Galaxy has moved to Solana? Then why haven't I seen much buzz...

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If you can't get the settlement details sorted out, this is just talk on paper.

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SEC's speed... I didn't expect this. Is compliance really coming?

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Fast speed and low cost, but the premise is that risks can be controlled, otherwise it's pointless.

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Why do I always feel that big institutions are paving the way, and retail investors are the ones who end up taking the fall?

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Is DTCC really ready? Seems a bit early.

MeaninglessGwei · Answer

Is it this again? Sounds great, but I wonder if DTCC and those folks can really achieve seamless on-chain integration, it still feels far off.

Is moving Galaxy to Solana considered a breakthrough? Only when major institutions truly dare to act will it count.

The institutions with reservations are actually just timid, but the risks must be clearly assessed—no more sudden liquidations and explosions.

SEC is already starting evaluations so quickly? I'm actually a bit worried that it's too fast...

Tokenized assets being officially recognized as collateral? Wow, the American financial circle is really starting to buy into this.

Honestly, this is still just a paper success at this stage; when it actually lands, it might be a different story.

Can DTCC’s fast settlement and low costs persuade traditional finance? naive—information asymmetry is what they truly care about.

Interesting, but I bet 5 bucks this will become a new tool for brokers to squeeze retail investors again.

VitalikFanAccount · Answer

It's another "sounds good"... but the real launch probably has to wait another two years. Do they have any idea about the efficiency of those old-fashioned folks at DTCC?