Nasdaq seeks SEC approval for stock tokenization

PANews reported on September 8th, according to CoinDesk, that Nasdaq is seeking to bring stocks to the blockchain space, filing an application with the U.S. Securities and Exchange Commission (SEC) on Monday, hoping to obtain approval to proceed with the plan. This comes as other securities industry institutions are scrambling towards the same goal of asset tokenization. In its application, Nasdaq stated: "Nasdaq believes that markets can adopt tokenization technology while still providing the benefits and protections of a national market system, and that tokenized assets should be traded in regulated markets, including national securities exchanges, alternative trading systems, and broker-dealers regulated by the U.S. Financial Industry Regulatory Authority." Nasdaq stated that it will treat this business like regular stock transactions, and the clearing and settlement of token transactions will be handled through the Depository Trust Company. Investors who purchase these tokens will receive all the rights of the underlying shares, including voting and liquidation rights.