Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission to allow trading of tokenized securities—financial assets transformed into blockchain-based digital tokens—on its main market. This move, if approved, would make Nasdaq the first major U.S. stock exchange to embrace tokenized securities, blending traditional and digital finance within the existing national market system. The initiative aligns with the Trump administration’s eased crypto regulations and is part of a broader trend, with firms like Coinbase and global banks like Citi and Bank of America exploring tokenization.
Nasdaq emphasizes that tokenized assets must offer the same material rights as traditional securities to be treated equivalently and traded under the same rules. If those rights aren't fully preserved, they will be treated as distinct instruments. The exchange aims for a seamless integration, allowing token-settled trades without altering traditional order handling or surveillance practices. The first such trades could occur by Q3 2026, pending the readiness of the Depository Trust Company’s infrastructure. The SEC, under new leadership, is also reworking crypto regulations, signaling a significant shift toward integrating blockchain into traditional finance.
In related developments, the Trump Media & Technology Group , affiliated with U.S. President Donald Trump and operator of the Truth Social platform, has struck a $6.4 billion deal to acquire CRO, the native token of Crypto.com's Cronos blockchain. This initiative establishes TMTG as the first major publicly traded CRO treasury firm. The agreement reinforces the administration’s deepening ties with the crypto sector, which Trump has openly supported through policy initiatives and campaign funding.
Additionally, HashKey Group, Hong Kong's largest licensed cryptocurrency exchange, has announced the launch of its first Digital Asset Treasury fund with an initial target of $500 million. This multi-currency fund will pursue a strategy that mirrors the growing trend of public companies accumulating cryptocurrency assets to benefit from rising token prices and a more favorable regulatory landscape. HashKey aims to lead in standardizing crypto assets and fostering a sustainable Web3 ecosystem through strategic investments in top-tier DAT projects globally.
However, the crypto industry continues to face challenges. The Trump family's crypto venture, World Liberty Financial , has come under scrutiny after freezing the investments of key early backers, including prominent crypto billionaire Justin Sun. WLFI, a decentralized finance initiative, launched public trading of its governance token earlier this week. Despite Sun’s commitment not to sell his holdings, WLFI unexpectedly locked a number of investor wallets, preventing access, transfers, or sales of the tokens. This move has drawn criticism, with some calling it the crypto equivalent of the debanking that the Trumps aimed to avoid.
As the crypto market continues to evolve, stakeholders are closely monitoring regulatory developments and market dynamics. The integration of blockchain technology into traditional financial systems presents both opportunities and challenges, necessitating careful consideration by regulators, industry participants, and investors alike.
