SEC Lets Exchange Trade Real Stocks as Digital Tokens
Published Date: 6/22/2026
Notice
Summary
24X National Exchange 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 tokenized securities officially tradable on 24X starting now. It’s a big step toward modernizing trading with no immediate cost impact but lots of future potential.
Analyzed Economic Effects
6 provisions identified: 4 benefits, 1 costs, 1 mixed.
24X Enables Tokenized Securities Trading
If you trade or invest, 24X will allow the trading of tokenized versions of certain securities on the Exchange during the DTC Pilot Program described in the SEC No-Action Letter dated December 11, 2025. The Exchange will trade tokenized securities together with traditional shares on the same 24X Book once DTC's infrastructure is ready.
Order Flag and Member Responsibilities
Broker-dealer Members that wish a trade to clear and settle in token form must select a tokenization flag at order entry and provide any information DTC requires (for example, blockchain selection or wallet address). Members are responsible for determining they are eligible participants, that the security is eligible, and that chosen blockchains/wallets are compatible; if DTC cannot execute tokenization, DTC will settle the trade in traditional form.
Which Securities Are Eligible
Only certain securities may be tokenized and traded under this proposal: securities in the Russell 1000 Index at launch (and any additions thereafter, even if later removed) and exchange-traded funds that track major indices. These categories will be the only equities available for tokenized trading on 24X under this proposal.
No Fee Difference for Tokenized Trades
The Exchange's fee schedule will not change based on whether shares executed are tokenized or traditional, and market data feeds will not differentiate between tokenized and traditional securities. This means trading on 24X should not cost you more because a security is tokenized.
Tokenized Trades Still Settle on T+1
Trades in tokenized securities handled by DTC will continue to settle on a T+1 basis. If you trade tokenized shares, settlement timing will remain the same as for traditional shares.
DTC Pilot Duration Is Three Years
DTC states it will provide tokenization services on a pilot basis for a period of three years after launch, after which DTC will sunset the service and the Exchange will revisit this rule proposal. Trading under this framework is therefore time-limited to the DTC Pilot Program period.
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Key Dates
Department and Agencies
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