Nasdaq winning SEC approval to move stocks onchain shows how Wall Street is taking charge of crypto tech
Why it matters: This approval signals Wall Street's strategic adoption of blockchain, promising 24/7 global equity access.
- Nasdaq's SEC-approved framework allows certain tokenized stocks and ETFs to trade on blockchain rails alongside traditional shares, enabling near-instant settlement and potential 24/7 trading.
- Industry experts like Val Gui of Kraken’s xStocks and Ian De Bode of Ondo view this as a clear signal for the $126 trillion equity market to shift onto blockchain, primarily benefiting global investors with enhanced access.
- Critics argue that the system, while leveraging blockchain, keeps trading within a permissioned, intermediary-heavy structure, preserving Wall Street's control rather than fully realizing tokenization's decentralized potential.
- DTCC executive Brian Steele emphasizes building "safe, secure tokenization services" to advance a more resilient and efficient financial system, focusing on post-trade improvements rather than a complete market overhaul.
Nasdaq has secured SEC approval to integrate blockchain technology for trading tokenized stocks and ETFs, a move hailed by industry experts as paving the way for 24/7 global access to U.S. equities. While this signals Wall Street's embrace of crypto tech, critics note the system maintains an intermediary-heavy structure, limiting the transformative potential compared to more progressive tokenization models.
