"Tokenized Securities" Milestone Week: SEC and Nasdaq "Official Certification," BlackRock "Major Breakthrough," First Listed Company Actively "Tokenizes Stock"

Tokenized securities have achieved a historic breakthrough in the U.S. capital markets: from a fundamental shift in regulatory stance to substantial actions by leading institutions, and the proactive attempts of the first publicly listed company, a brand new capital market landscape is rapidly taking shape.

This week, the pace of integration between traditional finance and blockchain technology has significantly accelerated. U.S. SEC Chairman Paul S. Atkins announced at the OECD meeting in Paris the end of the previous hardline enforcement stance, shifting towards supporting digital asset innovation and launching a comprehensive "crypto project" to modernize securities regulations. He explicitly stated that "most crypto tokens are not securities" and promised to provide clear guidance for on-chain financing.

Nasdaq CEO Adena Friedman publicly committed to introducing tokenization technology into the core stock market, rather than limiting it to over-the-counter trading. Meanwhile, the world's largest asset management company BlackRock is exploring converting ETFs into blockchain tokens, with its $2 billion tokenized money market fund BUIDL already demonstrating market demand. More significantly, Galaxy Digital has become the first publicly listed company to actively tokenize SEC-registered stocks on the blockchain.

Analysts believe these initiatives mark a critical turning point in Wall Street's infrastructure migration to blockchain, with advantages such as 24-hour trading, instant settlement, and global liquidity moving from concept to reality. As Goldman Sachs trader Mark Wilson stated:

Although there is still much regulatory work to be done, the possibility of "on-chain U.S. capital markets" is becoming increasingly clear.

SEC Policy Shift: From "Enforcement-Based Regulation" to "Innovation Support"

According to a report, SEC Chairman Atkins' speech in Paris marks a fundamental shift in U.S. digital asset regulation. He harshly criticized previous policies for "weaponizing investigations, subpoenas, and enforcement powers to suppress the crypto industry," declaring that "that chapter belongs to history."

The new "crypto project" will advance based on the blueprint established by the President's Working Group on Digital Asset Markets, with three core objectives:

First, to provide certainty regarding the securities status of crypto assets, clarifying the regulatory boundary that "most crypto tokens are not securities";

Second, to ensure that entrepreneurs can raise funds on-chain without worrying about legal risks;

Third, to allow "super app" trading platforms to innovate, providing various services such as trading, lending, and staking under a single regulatory framework.

Atkins predicted that on-chain capital markets and "AI agent finance" are about to emerge, where AI agents will execute trades and allocate capital at speeds surpassing human capabilities, embedding securities law compliance into code. He emphasized that the government's responsibility is to "set common-sense guardrails while eliminating regulatory barriers that stifle innovation."

Nasdaq Core Market Transformation: Tokenization Enters the Main Battlefield

According to a report from Jianwen, Nasdaq is pushing tokenization from the fringes to its core business. CEO Friedman clearly stated that stock tokenization will be realized "in the core market," trading on the same system as traditional stocks, rather than being isolated in "over-the-counter ancillary markets."

Reforms in trading hours are also advancing, with Nasdaq announcing a move towards a "24×5" model, with the ultimate goal of 7 days of round-the-clock trading. Friedman cited the Nasdaq 100 index futures, which have already achieved 24-hour trading, as an example, believing it is "logical" to allow underlying stocks the same tradability.

In terms of digital asset strategy, Nasdaq adopts a "regulatory-first" stance, insisting on "investor protection as a priority." Friedman observed a trend of regulatory convergence in Washington, believing this creates opportunities for traditional financial institutions to participate. Once the regulatory path is clear, Nasdaq will collaborate with institutional clients to introduce compliant crypto assets and tokenized securities services.

To address the issue of overly complex IPO procedures causing companies to remain in private markets for extended periods, Nasdaq is promoting several reforms:

Simplifying disclosure requirements: Stripping away redundant information and returning to core disclosure content.

Promoting innovative listing paths: Actively promoting direct listings with financing functions and improving the SPAC model.

Exploring tokenized IPOs: Drawing an analogy between the concept of ICOs and "tokenized direct listings," incorporating them into a compliant market framework.

BlackRock ETF Tokenization: Blockchain Transformation of Wall Street's Core Products

On September 12, Bloomberg reported that BlackRock is studying the tokenization of ETFs linked to real-world assets such as stocks. This move could fundamentally change the operation of one of Wall Street's most important investment products.

BlackRock already has successful precedents in the digital asset space. Its tokenized money market fund BUIDL, launched in 2024, has grown to over $2 billion in scale, and its spot Bitcoin ETF has also achieved significant success.

ETF tokenization will bring three core transformations:

Extended trading hours: Breaking through Wall Street's conventional trading hour limitations to achieve 24-hour trading;

Global access: Making U.S. financial products more accessible to overseas investors;

New collateral uses: Creating new application scenarios as collateral in crypto networks.

Supporters believe that blockchain migration can achieve instant settlement, share splitting, and other functions, while the flexible design of ETFs makes them an ideal testing ground for this transformation.

CEO Larry Fink's statement further confirms BlackRock's determination: "Every financial asset can be tokenized," a view reiterated in his 2025 annual letter to investors.

However, this transformation faces significant technical and regulatory challenges. Currently, ETFs settle through Wall Street clearinghouses, while blockchain transactions are instantaneous and round-the-clock, coordinating these systems presents complex issues for regulators and custodians However, the regulatory environment during the Trump era is becoming more relaxed, with policymakers showing openness to allowing companies to test blockchain-based market projects in a controlled environment.

Galaxy Digital Pioneers: The First Public Company to Actively Tokenize Stocks

More significantly, Galaxy Digital Holdings has become the first public company in the United States to directly tokenize SEC-registered stocks on the blockchain. The company allows shareholders to tokenize their Class A common stock on the Solana network through Superstate's Opening Bell platform.

The stock tokenization by Galaxy has the following features:

• 24/7 trading potential: Achieving round-the-clock market trading
• Near-instant settlement: Significantly improving trading efficiency
• Fully compliant: Tokenized stocks are legally equivalent to traditional equity
• Controlled access: Participation is limited to KYC-certified investors, who can hold and transfer tokens directly in their crypto wallets

Galaxy and Superstate are exploring ways to trade tokenized stocks through automated market makers (AMMs) while maintaining regulatory compliance. Stocks listed on Opening Bell, including Galaxy itself, may eventually circulate on AMMs and other decentralized finance (DeFi) platforms.

The company describes this move as "the first step in the revolution of capital markets," aiming to "build faster, more efficient, more inclusive, and safer methods for value transfer, storage, and creation for the global economy."

Goldman Sachs Trader: The Trend of Blockchain in Capital Markets is Becoming Clearer

Goldman Sachs trader Mark Wilson particularly focused on the development of tokenized securities in this week's market review. He pointed out that Galaxy Digital's stock tokenization is the first in the United States, and "I am quite sure this is also the first in the world."

Wilson believes that the potential impact of this initiative on the structure of capital markets "could be significant." Combining Nasdaq's investment in Gemini and BlackRock's intention to tokenize ETFs, he observed that "the possibilities of blockchain empowering capital markets are becoming increasingly clear."

Wilson concluded that although there is still "significant regulatory work to be done," the overall trend indicates that the likelihood of traditional financial infrastructure migrating to blockchain is increasing.

Analysis indicates that this series of developments shows that tokenized securities are moving from proof of concept to mainstream application, with active participation from core Wall Street institutions laying the groundwork for the large-scale adoption of this technology.

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk