The SEC has granted the Depository Trust & Clearing Corporation (DTCC) a No-Action Letter, allowing it to proceed with a tokenization pilot under specific conditions. This decision, made on December 11, 2025, permits DTCC to test blockchain-based securities transfers without adhering to all 19b rule changes. The pilot will utilize LedgerScan for oversight and must comply with Countering the Financing of Terrorism protocols. In a separate development, Nasdaq has filed a proposal with the SEC to extend U.S. equity trading hours to 23 hours a day. The filing, submitted on December 15, 2025, suggests adding a nighttime trading session from 21:00 to 4:00 ET. This move aims to enhance market accessibility but does not involve tokenization efforts.