SKN | Nasdaq Crypto Chief Pledges to ‘Move as Fast as We Can’ on Tokenized Stocks

Exchange Seeks Fast-Tracked Dialogue for Hybrid Market Structure

The Nasdaq stock exchange has signaled its intent to aggressively pursue Securities and Exchange Commission (SEC) approval for its tokenized stock proposal, marking a decisive step toward integrating blockchain technology into traditional equity markets. Matt Savarese, Nasdaq’s Head of Digital Assets Strategy, confirmed the exchange is prepared to expedite the regulatory review process, stating, “We’ll just move as fast as we can” regarding the timeline for potential approval.

The Regulatory Sprint

Speaking to CNBC, Savarese outlined Nasdaq’s strategy following its September 8 filing, which seeks permission to list and trade tokenized versions of equities alongside their traditional counterparts. The proposal aims to offer digital representations of shares in publicly traded companies, utilizing distributed ledger technology to potentially enhance settlement efficiency and transparency.

“I think what we have to really evaluate is where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese explained. The urgency in his comments reflects a broader race among financial incumbents to capture the infrastructure layer of the next generation of markets. However, Savarese tempered expectations of a radical overhaul, framing the initiative as an evolutionary step rather than a disruptive one.

Evolution, Not Revolution

Contrasting with the “move fast and break things” ethos often associated with the crypto sector, Nasdaq is positioning its bid as a “responsible investor-led” transition. Savarese emphasized that the exchange is “not looking at upending the system,” but rather bringing tokenization into the mainstream under existing federal securities laws.

This cautious approach aims to leverage Nasdaq’s reputation as an innovator—noting its history as the first exchange to transition from paper-based to electronic trading—to gain regulatory buy-in. The objective is to create a hybrid environment where tokenized assets coexist with legacy systems, ensuring market integrity while exploring the efficiencies of blockchain settlement.

Market Context and Skepticism

The push for tokenized equities has become a focal point for the industry in late 2025. Galaxy Digital CEO Mike Novogratz recently announced that his firm became the first Nasdaq-listed company to tokenize its equity on a major blockchain, launching on the Solana network on September 3. Similarly, Robinhood CEO Vlad Tenev recently predicted that tokenization would “eventually eat the whole financial system.”

However, the integration of traditional equities into crypto rails has drawn skepticism regarding value accrual. Rob Hadick, General Partner at venture firm Dragonfly, recently cautioned that while tokenized equities offer significant efficiency gains for traditional markets, they may not necessarily benefit the broader crypto ecosystem. Hadick warned of potential “leakage,” suggesting that if tokenized stocks rely on isolated Layer-2 networks or private ledgers, the economic value may not flow back to base layers like Ethereum as proponents hope.

Strategic Outlook

Nasdaq’s proposal represents a pivotal test case for the convergence of TradFi and DeFi. If successful, it could legitimize the use of public or permissioned blockchains for settling trillions of dollars in equity volume. However, the risk remains that heavy regulatory guardrails could strip the tokenized assets of the composability and interoperability that make DeFi attractive. Investors are now watching to see if the SEC treats this as a mere technological upgrade or a fundamental change in market structure, a distinction that will define the speed of adoption for institutional real-world assets.