The filing would let eligible securities trade in tokenized form through a DTC pilot program while keeping them on the same order book as traditional shares.
24X National Exchange has filed a proposed SEC rule change, listed in a Federal Register notice as SR-24X-2026-20, that would allow certain securities to trade in tokenized form through a Depository Trust Company pilot program. The proposal covers eligible securities including Russell 1000 stocks and major ETFs, and would let eligible members signal a preference for tokenized settlement using a digital flag and wallet information where required. Tokenized and traditional versions would trade on the same book and keep the same execution priority as long as they are fungible, a structure aimed at avoiding fragmented liquidity. The filing remains under regulatory review and is not an approval, but it highlights how tokenization is increasingly being tested within regulated market infrastructure rather than as a separate crypto market.