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24X test could let tokenized stocks trade like regular shares
The exchange says eligible stocks and funds can trade in digital form during a Depository Trust Company pilot, as long as the token matches the original security on rights and identifiers.
Tokenized securities are getting a live trial on 24X National Exchange LLC. At the federal level, the Securities and Exchange Commission published the exchange’s filing on June 22 after 24X filed it June 11, and the move asks whether a security can trade in digital form without leaving the market’s existing rails.
Comment deadline: comments solicited Effective date: June 16, 2026
The exchange wants those tokenized trades to happen while a Depository Trust Company, or DTC, pilot is running. In plain language, tokenized means a digital representation of a security, usually tied to blockchain or other digital-ledger technology. The pitch is not to create a separate crypto market, but to see whether familiar exchange, clearing and settlement systems can handle the same asset in a new wrapper.
Same rights, different wrapper
The proposal is narrow. It would apply only to securities eligible for the DTC pilot, and 24X says a tokenized version would trade alongside the traditional version only if the two are fungible, carry the same CUSIP number, the market’s identifier for securities, and trading symbol, and give holders the same rights and privileges.
That is the part that matters to broker-dealers and investors. The economic claim is that the form can change without changing ownership, dividend rights, voting rights or liquidation rights. If a token does not match the underlying security on those points, 24X would treat it as something different, not as a substitute for the original share.
A test of market plumbing
This is less about trading hype than about the machinery behind a trade. If tokenized securities can move through existing exchange and clearing systems, issuers, market participants and investors could eventually see a market that does less reinvention to settle ownership. If the answer is no, tokenization stays a concept looking for workable plumbing.
The SEC is using the notice to collect public comment, not to declare a finished winner. But the filing gives a concrete answer to a question that has mostly lived in theory: can the market’s current rails carry tokenized securities without breaking the rules that already govern how trades are matched, cleared and settled?
Agency: Securities and Exchange Commission Docket ID: SR-24X-2026-20 CFR parts: 11.2, 11.3, 11.8, 11.10 Comment deadline: comments solicited Effective date: June 16, 2026