NYSE Goes Crypto: Trading Stocks as Digital Tokens Now Allowed!
Published Date: 5/15/2026
Notice
Summary
NYSE American is updating its rules to let people trade securities as digital tokens, thanks to a new pilot program by the Depository Trust Company. This change affects traders and companies using the Exchange, making trading faster and more modern. The new rules took effect right away on May 1, 2026, opening the door to a fresh way of buying and selling stocks with no extra fees announced yet.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
NYSE American Enables Tokenized Trading
The NYSE American adopted rules to allow trading of securities in tokenized form under the DTC three-year pilot program. The rule filing was made on May 1, 2026 and permits DTC Eligible Participants to trade DTC Eligible Securities in tokenized form on the Exchange pursuant to the December 11, 2025 SEC no-action letter.
Tokenized Shares Must Match Traditional Rights
The Exchange will only treat a tokenized security as equivalent to its traditional counterpart if it is fungible, shares the same CUSIP and trading symbol, and affords holders the same rights and privileges (e.g., equity interest, dividends, voting rights, and share of residual assets on liquidation). If not, the Exchange will treat the tokenized instrument as distinct.
Trading Mechanics and Fees Stay the Same
The Exchange will trade tokenized and traditional shares together on the same order book with the same execution priority; all order types, routing strategies, trading sessions, and market surveillance will apply equally. The Exchange's fee schedule and pricing structure will not vary based on whether shares are tokenized, and trades in tokenized securities handled by DTC will continue to settle on a T+1 basis.
Pilot Scope Limited to Russell 1000 and Major ETFs
For purposes of this proposal, DTC Eligible Securities will be limited to securities in the Russell 1000 Index at launch (and additions thereafter, even if later removed) and exchange traded funds that track major indices. DTC states it will provide tokenization services for a three-year pilot period after launch.
ETP Holders Must Flag Tokenization Preferences
An ETP Holder that wishes its order to clear and settle in tokenized form must select a tokenization flag at order entry and may need to provide information or instructions (e.g., blockchain selection or digital wallet address) in accordance with DTC rules and the No-Action Letter. The Exchange will communicate the tokenization preference to DTC on a post-trade basis and will not verify eligibility at order entry; if ineligible, the order will settle in traditional form.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-09738, Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Rules To Enable the Trading of Securities on the Exchange in Tokenized Form
NYSE National is updating its rules to let people trade securities as digital tokens during a special pilot program run by the Depository Trust Company. This change affects traders and investors by making trading faster and more modern, starting right away with no extra fees announced. The Exchange is inviting feedback while rolling out this exciting new way to trade!
Next: 2026-09740, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq GEMX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.