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Nasdaq’s crypto head is laser-focused on one goal: getting the SEC to greenlight tokenized versions of its listed stocks, a move poised to revolutionize trading.
Matt Savarese, Nasdaq’s digital asset vanguard, addressed SEC approval prospects with a tone of urgent optimism on CNBC Thursday, declaring, “We’ll just move as fast as we can.” Will that be fast enough to beat the regulatory clock this year?
Savarese emphasized a collaborative approach, stating the company is poised to meticulously analyze public feedback and promptly address SEC inquiries, aiming for swift resolution through close cooperation.
Savarese says Nasdaq isn’t “upending the system”
Nasdaq aims to revolutionize stock trading, seeking approval to launch a platform where investors can trade tokenized shares – a digital spin on traditional stock ownership. The proposal, filed September 8th, could unlock a new era of accessibility and innovation in the financial markets.
Savarese dismissed the notion of a market revolution, clarifying Nasdaq’s move wasn’t about reinventing the investment wheel, but rather, he wondered aloud if other major exchanges would soon echo their decision.
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC
“We’re not tearing down the financial world, we’re building a bridge. Tokenization isn’t some radical revolution; it’s an invitation for everyone to step into the future of finance, together.”
“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.
It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”
The crypto industry is divided on tokenized equities
Savarese spotlighted Nasdaq’s commitment to pioneering the future, reminding the audience that the exchange wasn’t just an early adopter of technology – it single-handedly ripped up the paper-based past and plugged the markets into the digital age.
Related: DATs bring crypto’s insider trading problem to TradFi: Shane Molidor
Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.
Galaxy Digital blazes a new trail! On September 3rd, Mike Novogratz announced his company shattered barriers, becoming the first Nasdaq-listed entity to tokenize its equity. Their launchpad? None other than the lightning-fast Solana network.
The conversation around tokenized equities has also drawn skepticism from the crypto industry.
Forget crypto winter – tokenized equities could be the real disruptor. Dragonfly Capital’s Rob Hadick dropped a truth bomb on Cointelegraph Oct. 1: while tokenized stocks promise a revolution for traditional finance, the crypto world might not get the party it expected.
Hadick warned that tokenized stocks siphoned through layer-2 networks risk becoming value black holes, potentially starving Ethereum and the wider crypto realm of much-needed liquidity.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
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