Blockchain

The SEC is reported to be planning to issue rule proposals creating a regulatory framework for trading of tokenized, digital securities of publicly-traded companies that are issued by third parties unaffiliated with the issuer.  The tokens would be similar to “phantom stock,” representing digital representations of the securities, but would have no equity or voting…

The SEC’s Division of Trading & Markets today issued a conditional no-action position that it would not object if compliant “user interfaces” designed to facilitate the execution of crypto securities transactions operate without registering as broker-dealers.  In plain English, the staff’s position applies to interfaces operating in a neutral fashion by providing mechanics to facilitate…

On September 8, 2025, the Nasdaq Stock Market submitted a proposed rule change to the Securities and Exchange Commission that, if implemented, would allow for the trading and settlement of tokenized securities.  Nasdaq points out that even traditional securities are traded in electronic format, and that it should not be a stretch to allow settlement using…