# 2026-12403: SEC Lets Exchange Trade Real Stocks as Digital Tokens 2026-12403, Self-Regulatory Organizations; 24X National Exchange LLC; 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 During the Pendency of a Pilot Program To be Operated by the Depository Trust Company, is a Federal Register notice from Securities and Exchange Commission published 2026-06-22, effective 2026-06-11; PRIA reads it as touching household money (as of 2026-06-29). - Canonical: https://policyrisk.com/federal-register/2026-12403 - As of: 2026-06-29 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2026-12403 - Title: Self-Regulatory Organizations; 24X National Exchange LLC; 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 During the Pendency of a Pilot Program To be Operated by the Depository Trust Company - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 91 FR 37179 - Published: 2026-06-22 - Effective: 2026-06-11 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-06-29 ## In one line SEC Lets Exchange Trade Real Stocks as Digital Tokens ## 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. ## Effects PRIA read - 24X Enables Tokenized Securities Trading: benefit, medium. 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 Bo… - Which Securities Are Eligible: benefit, low. 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 tradin… - No Fee Difference for Tokenized Trades: benefit, low. 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: benefit, low. 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. - Order Flag and Member Responsibilities: cost, medium. 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 s… - DTC Pilot Duration Is Three Years: mixed, low. 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. ## Related documents - [2026-21037](https://policyrisk.com/federal-register/2026-21037): Investment Company Cross Trading, 2026-10-15 - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 ## Sources - [2026-12403 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/22/2026-12403/self-regulatory-organizations-24x-national-exchange-llc-notice-of-filing-and-immediate-effectiveness) - [2026-12403 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-22/pdf/2026-12403.pdf) ## Related - [Previous: 2026-12402, Self-Regulatory Organizations; Nasdaq ISE, LLC; Order Approving a Proposed Rule…](https://policyrisk.com/federal-register/2026-12402) - [Next: 2026-12404, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2026-12404) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2026-12403 (as of 2026-06-29).