Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-103989; File No. SR-NASDAQ-2025-072] Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), [ 1 ] and Rule 19b-4 thereunder, [ 2 ] notice is hereby given that on September 8, 2025, The Nasdaq Stock Market LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's rules to enable the trading of securities on the Exchange in tokenized form. Specifically, proposed rules Equity 1, Section 1 and Equity 4, Rules 4756, 4757, and 4758 will clarify how Nasdaq trades tokenized securities. The text of the proposed rule change is set forth below. Proposed new language is italicized; deleted text is in brackets. The NASDAQ Stock Market LLC Rules Equity Rules EQUITY 1 EQUITY DEFINITIONS Section 1 Equity Definitions (a) When used in the Equity Rules, unless the context otherwise requires: (1) No change. (2) “Security” Unless the context requires otherwise, the term “security” shall mean a “ security ,” as that…
Citation: 90 FR 45426
