Nasdaq has filed a proposal with the SEC to enable trading and settlement of tokenized equities and ETPs listed on its exchange. The filing, submitted on September 8, 2025, outlines that these tokenized securities must be fully fungible with traditional shares, maintaining the same CUSIP and rights such as voting and dividends. Trading will occur on the existing order book, with an option for blockchain settlement through DTC's DLT platform. The proposal aims to restrict trading to regular market hours and prevent liquidity fragmentation, targeting a T+0 settlement timeline. It explicitly excludes non-fungible "shadow tokens," positioning tokenization as a natural progression of digital book-entry records. If approved, the initiative could launch by late Q3 2026.