SEC Publishes 24X Tokenized Securities Rule Filing

The Securities and Exchange Commission published 24X National Exchange’s proposed rule change on 16 June to enable trading of securities in tokenized form during a Depository Trust Company pilot program.

The filing, SR-24X-2026-20, says 24X submitted the change on 11 June. It would amend 24X Rules 11.2, 11.3, 11.8 and 11.10 so eligible members can mark orders for DTC-eligible securities to clear and settle in tokenized form under the pilot.

The proposal keeps tokenized and traditional versions of the same eligible security on the same 24X book with the same execution priority, as long as the tokenized security is fungible with the traditional share, uses the same CUSIP and symbol, and gives holders the same rights. The filing says market data feeds would not differentiate between tokenized and traditional shares, and tokenized trades handled by DTC would continue to settle on T+1.

Why it matters

This is a market-structure story, not a new crypto-token listing. 24X is trying to fit tokenized settlement into the existing national market system instead of creating a separate liquidity pool.

For active equity traders, the important questions are execution priority, routing, settlement, surveillance and best execution. The filing says those mechanics should remain aligned with traditional shares, which would reduce fragmentation if tokenized settlement becomes available on more exchanges.

What to watch next

Watch for SEC comments on SR-24X-2026-20, 24X member communications before any launch, and DTC updates on the infrastructure needed for the pilot.