New York Stock Exchange has submitted a proposed rule change to the U.S. Securities and Exchange Commission that would enable tokenized versions of eligible securities to trade on its platform.
Summary
NYSE aims to list tokenized securities alongside traditional shares on the same order book.
These digital versions must retain identical tickers, CUSIPs, rights, and privileges as their conventional counterparts.
Clearing and settlement would continue through Depository Trust Company, keeping the process within existing market systems.
Filed on April 9, the proposal introduces Rule 7.50 and modifies existing exchange rules to support tokenized trading under a pilot program run by the Depository Trust Company (DTC). The SEC published the notice on April 17, with public comments open until May 13.
Tokenized shares mirror traditional equities
Under the plan, tokenized securities must be fully equivalent to their traditional forms. They will carry the same ticker symbol, CUSIP, and investor rights—including dividends, voting power, and claims on residual assets.
Trading would occur on the same exchange order book, following identical execution and priority rules. Rather than creating a separate crypto-style marketplace, the NYSE would allow its existing members to place orders as usual, with settlement instructions routed through DTC in tokenized form.
The exchange emphasized that these assets would operate within the current national market system. It also noted that it is exploring additional tokenization methods and may submit further proposals beyond the DTC-based model.
Part of a broader tokenization wave
This move comes as Nasdaq has already updated its rules to support tokenized securities under the same DTC pilot framework, with NYSE’s approach closely aligned to that structure.
Separately, a filing from NYSE Arca drew attention for referencing crypto assets like XRP, Bitcoin, Ethereum, and Solana in potential commodity trust listings—though this does not formally classify them under U.S. law.
Together, these developments highlight a growing push by major exchanges to integrate blockchain-based settlement into regulated financial markets, while keeping trading within established legal and operational frameworks.
