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Nasdaq Proposes Rule Changes to Enable Trading of Tokenized Securities

By Nathan M. Iacovino, Barbara A. Jones, William Mack, Ryan F. Helmrich & Kyle Jaep on September 12, 2025
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On Sept. 8, 2025, the Nasdaq Stock Market LLC filed a proposed rule change with the U.S. Securities and Exchange Commission to enable the trading of tokenized equity securities and exchange-traded products (ETPs) on its platform. The proposal, submitted under Form 19b-4 (SR-NASDAQ-2025-072), represents a significant step toward integrating blockchain-based assets into the existing U.S. equities market infrastructure.

On Sept. 9, 2025, the SEC published the proposal for public comment.

Click here to continue reading the full GT Alert.

Photo of Nathan M. Iacovino Nathan M. Iacovino

Nathan M. Iacovino focuses his practice on the investment servicing and investment management industries, advising asset-servicing entities, including custodians, transfer agents, and administrators, in connection with various regulatory and transactional matters. He has supported and developed strategies related to the structuring, negotiation, and

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Nathan M. Iacovino focuses his practice on the investment servicing and investment management industries, advising asset-servicing entities, including custodians, transfer agents, and administrators, in connection with various regulatory and transactional matters. He has supported and developed strategies related to the structuring, negotiation, and implementation of domestic and global custody, fund administration, managed account platforms, collateral management, and related servicing arrangements by and among his custodial, investment servicing and managed account platform provider clients and their respective fund, investor, pension plan, and adviser client base.

Nathan also represents mutual fund complexes, asset managers, investment advisers, institutional investors and financial institutions in developing and maintaining financial products while navigating the regulatory landscape.

Nathan’s clients include a wide range of private funds, registered investment companies, transfer agents, banks, financial institutions, institutional investors and investment advisors.

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Photo of Barbara A. Jones Barbara A. Jones

Barbara A. Jones is Co-Managing Shareholder of the firm’s Los Angeles office and a member of the firm’s Global Corporate practice. Barbara serves as Chair of the firm’s interdisciplinary Blockchain & Digital Assets practice. Barbara maintains a diverse corporate and securities law practice

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Barbara A. Jones is Co-Managing Shareholder of the firm’s Los Angeles office and a member of the firm’s Global Corporate practice. Barbara serves as Chair of the firm’s interdisciplinary Blockchain & Digital Assets practice. Barbara maintains a diverse corporate and securities law practice across industry groups, emphasizing complex international and domestic transactions, including private and public financings, dual listings, mergers and acquisitions, strategic collaborations and joint ventures, and licensing transactions. She serves as a trusted advisor to public and private company boards of directors on governance matters and complex regulatory reporting and compliance issues. Barbara’s clients include financial institutions, private equity and venture capital groups, and public and private companies in emerging technology, life sciences and biotechnology, defense and security, blockchain and digital assets, telecommunications, information technology, energy (traditional and renewable), mining, media, entertainment and sports. Barbara also represents Olympic and professional athletes and sports-related organizations.

Barbara practiced U.S. law in London from 1990 through 1997 with Sullivan & Cromwell, LLP, and headed the international capital markets practice of Kirkland & Ellis LLP from 1999 to 2003 before relocating to Boston. From 1997 to 1999, she served as Vice-President, Assistant General Counsel and Regional Counsel for capital markets with J.P. Morgan Securities Ltd. in Europe, the Middle East and Africa. Since returning to the U.S., she has continued to actively represent public and private companies, private equity groups and investment banks in the European, Scandinavian, African and greater Asian markets, including China.

Barbara is a past chair of the ABA’s Subcommittee on International Securities Matters. She is a frequent speaker at conferences relating to cross-border securities matters, strategic alternatives, and digital asset structures. She serves on the Government of Bermuda’s Global FinTech Advisory Board.

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Photo of William Mack William Mack

William B. Mack is a co-chair of the Financial Regulatory & Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority

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William B. Mack is a co-chair of the Financial Regulatory & Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority (FINRA) rules.

William’s practice involves all aspects of broker-dealer regulation, including Self-Regulatory Organization (SRO) membership, supervision, employment, research, soft dollar arrangements, chaperoning of foreign broker-dealers, social media, use of foreign finders, anti-money laundering rules, alternative trading systems (ATS), exchanges, and market making issues. He also provides regulatory guidance to investment banking clients in connection with securities offerings and related trading issues.

William advises firms in the FINRA new membership (NMA) and the continuing membership (CMA) processes. William assists firms to develop or amend their written supervisory procedures and compliance manuals.

William routinely represents clients who are negotiating placement agent agreements, foreign finders agreements, clearing agreements, agreements with registered representatives and expense-sharing agreements.

William assists broker-dealers and their associated persons to respond to regulatory examinations and inquiries and provides effective representation in a range of enforcement proceedings with the SEC, FINRA, NYSE, state and foreign regulatory authorities. He regularly prepares and defends witnesses in FINRA on-the-record interviews and SEC testimony. Enforcement matters have involved issues including market manipulation, supervision, customer defalcations, insider trading, anti-money laundering, distribution of unregistered securities, direct market access, market making, soft dollar arrangements, cross border trading, electronic intrusion and customer impersonation, sales practices, supervision, private placements, ETFs, indexes, and other securities products.

William regularly addresses questions with respect to what activities require or are exempt from broker-dealer registration. William assists firms in obtaining guidance, interpretive letters, and no-action relief from FINRA and the SEC with respect to novel securities issues and the creation of new products and services. William also advises clients on cryptocurrency, tokenization, NFTs, DeFi structures, and digital asset exchanges and trading.

Prior to joining the firm, William was a Principal Counsel for Enforcement at FINRA. Before FINRA, he was the Director of the Executive Secretariat in the Office of the U.S. Trade Representative. William also served as a Deputy Associate Counsel at the White House, advising primarily on appointments and investigations. Before the White House, he practiced at large firms in New York. William clerked for Judge Robert L. Carter in the Southern District of New York.

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Photo of Ryan F. Helmrich Ryan F. Helmrich

Ryan Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents and other asset servicing providers on a broad range of investment management regulatory and transactional matters. He also counsels asset managers on a range of regulatory issues, including registration, interpretive guidance…

Ryan Helmrich advises investment managers, broker-dealers, fund sponsors, custodial banks, transfer agents and other asset servicing providers on a broad range of investment management regulatory and transactional matters. He also counsels asset managers on a range of regulatory issues, including registration, interpretive guidance, new product development, regulatory examinations and enforcement actions.

In addition to his general experience in asset management, Ryan regularly represents financial institutions in lift-out transactions, master servicing arrangements, derivatives-trading arrangements, as well as other matters affecting their domestic and global asset-servicing activities (custody, administrative, sub-accounting, and transfer agency). He has worked with state sponsors, private program managers and other providers involved with Section 529 college savings programs, Section 529A (ABLE) disability savings programs, and regularly represents investment advisers, broker-dealers, and program administrators with product development and contract negotiation.

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Photo of Kyle Jaep Kyle Jaep

Kyle Jaep is a member of the Corporate Practice in Greenberg Traurig’s Los Angeles office. Kyle focuses his practice on capital markets, securities reporting, venture capital financing, and general corporate governance matters. He is a member of the firm’s interdisciplinary Blockchain & Digital…

Kyle Jaep is a member of the Corporate Practice in Greenberg Traurig’s Los Angeles office. Kyle focuses his practice on capital markets, securities reporting, venture capital financing, and general corporate governance matters. He is a member of the firm’s interdisciplinary Blockchain & Digital Assets Group.

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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    Overheard on the Block(chain)
  • Organization:
    Greenberg Traurig, LLP
  • Article: View Original Source

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