The New York Stock Exchange is moving ahead with plans to allow tokenized versions of eligible securities to trade on its platform, marking a significant step toward integrating blockchain technology into traditional market infrastructure. In a recent filing with the U.S. Securities and Exchange Commission, the NYSE proposed a rule change that would enable tokenized stocks to coexist with conventional shares on the same exchange order book. The proposal, filed on April 9, seeks to adopt Rule 7.50 and amend other exchange rules to facilitate trading of tokenized securities during a three-year pilot program run by the Depository Trust Company under a no-action letter from SEC staff issued in December 2025. The SEC published the NYSE notice on April 17, with a public comment period open until May 13.
Under the proposed framework, tokenized securities must maintain identical rights, privileges, and identifiers as their traditional counterparts, including the same CUSIP number, ticker symbol, dividend entitlements, voting rights, and claims on residual assets. The exchange emphasized that tokenized assets would trade alongside regular shares on the same order book, following the same execution priority rules. Importantly, the NYSE clarified that this initiative does not establish a separate crypto-style trading venue; rather, eligible members would submit orders through the exchange and specify instructions for DTC to clear and settle in tokenized form within the existing national market system. The filing also notes that the NYSE is exploring various tokenization methods and would submit new proposals if it opts for an approach beyond the DTC pilot.
The NYSE’s move follows a similar filing by Nasdaq, which recently amended its rules to permit tokenized securities trading under the same DTC pilot. The NYSE confirms that its proposal is modeled on Nasdaq’s approved rule structure. Meanwhile, a separate NYSE Arca filing has drawn attention in the crypto space for naming XRP, Bitcoin, Ethereum, and Solana as potential assets for commodity trust listings, though it does not formally classify XRP as a commodity under federal law. These developments highlight a growing convergence between traditional securities and digital asset innovation, with the NYSE tokenized securities rule focusing strictly on regulated equities and exchange-traded products rather than novel digital tokens.