Nasdaq’s Token Gamble
For years, crypto sought validation from the financial establishment. Now, one of TradFi’s most iconic institutions is inching onto its turf. Nasdaq (NASDAQ:NDAQ) has asked the SEC for permission to list tokenized shares – digital replicas of ordinary equities recorded on a blockchain. Each token would be backed one-for-one by a traditional share, carrying the same rights to dividends and ownership. The difference lies in the wrapper: a programmable asset that, in theory, can trade around the clock, settle instantly and move across borders without the usual chain of intermediaries.
Opinion is divided. Supporters hail it as the clearest sign yet that blockchain infrastructure is maturing. Critics see a glossy solution in search of a problem. America’s equity markets already clear trades in two days and offer ample liquidity. Yet symbolism matters. For Nasdaq, which white-labels its trading tech and rents it to crypto platforms (while keeping its main exchange firmly traditional), the move marks a shift from arm’s-length experimentation to direct participation.
It comes as the agency’s new overseers soften their tone. Gary Gensler, the SEC’s past chairman, was notoriously hostile toward crypto trading venues, but even he …
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