Timeline
- 8.0
SEC Advances Tokenized-Securities Exemption for 24/7 Trading
The U.S. Securities and Exchange Commission (SEC) is advancing an exemption framework for tokenized securities that would allow compliant onchain trading, potentially enabling 24/7 markets while long-term rules are developed. A senior SEC official, Atkins, said the framework would support such trading, and Friday's scheduled Commission consideration covers a separate offering proposal. This move could meaningfully reduce regulatory uncertainty for tokenized securities and pave the way for round-the-clock trading of traditional assets on blockchain networks. It marks a notable step by U.S. regulators to accommodate onchain finance within existing securities law, potentially affecting issuers, exchanges, and investors in both traditional and crypto markets. The exemption framework is still a preliminary step and has not been finalized; long-term rules are still being developed. The SEC's scheduled Friday Commission consideration addresses a separate offering proposal, not this exemption framework.
- 7.5
Nasdaq to Acquire LeveL Markets in Push Toward Always-On Markets
Nasdaq has signed a definitive agreement to acquire LeveL Markets, the third-largest alternative trading system (ATS) in the US, and launched a new Digital Liquidity Networks (DLN) unit led by Roland Chai. The deal, announced on August 11, 2026, is subject to regulatory approval and financial terms were not disclosed. This acquisition marks a major institutional push into tokenized securities and 24/7 trading, directly bridging traditional market infrastructure with blockchain-based digital assets. It signals a growing convergence between conventional exchanges and crypto markets, potentially accelerating the adoption of tokenized assets among institutional investors. LeveL Markets processes hundreds of millions of shares daily, serves over 2,500 buy- and sell-side clients, and executes trades across more than 7,000 symbols, with average daily trading volume up 56% in 2025. Following the acquisition, LeveL will remain a FINRA-regulated ATS with its own management team, operating under Nasdaq's Digital Liquidity Networks. Nasdaq's earlier SEC filing proposed that tokenized stocks and ETFs trade alongside traditional shares via Depository Trust Company and blockchain settlement in a three-year pilot.