24X National Exchange has formally asked the SEC for permission to let members trade tokenized securities through a Depository Trust Company pilot program. The exchange filed its proposed rule change, SR-24X-2026-20, on June 11, and the SEC published it in the Federal Register on June 22 — kicking off the public review process.
How the model works
Under the proposal, eligible 24X members could trade certain tokenized securities on the exchange's existing order book, right alongside the traditional versions. The tokenized and non-tokenized shares would share the same CUSIP and trading symbol. They'd carry the same rights and privileges, too. The only difference: participants would flag their orders with a designated code that includes blockchain and wallet address info required by DTC.
Clearing and settlement would still run through DTC. The filing stresses that the existing market infrastructure — exchange rules, participant eligibility, order-entry controls, shareholder protections — stays intact. This isn't a workaround, the exchange says. It's an upgrade to the current national market system.
The Nasdaq precedent
The 24X filing leans heavily on a similar proposal from Nasdaq that the SEC already approved. That earlier green light established a DTC-compatible exchange model for tokenized equities. By basing its own rule change on that template, 24X is betting the regulator will move faster — no need to reinvent the wheel. The timing also lines up with a separate planned SEC exemption for tokenized stocks, which could eventually let equities trade through crypto-native rails like stablecoins and automated market makers.
That exemption is still in the works. For now, 24X is sticking with the traditional system.
The SEC's notice in the Federal Register opens a comment period. Market participants, rival exchanges, and investor advocates can weigh in before the agency votes on the proposal. The commission hasn't set a deadline yet, but the clock is running.
