Launchy Regulatory Roundup #53 - Nasdaq Pushes SEC for Tokenized Stock Trading Approval

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Welcome to our 53rd edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

• Headline: Nasdaq Pushes SEC for Tokenized Stock Trading Approval 👀 

• Global Legal Roundup

• Case Study: Breaking the Dollar’s Stablecoin Grip 💵 

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HEADLINE

Nasdaq Pushes SEC for Tokenized Stock Trading Approval

State of play: Nasdaq has asked the SEC to allow tokenized shares and ETFs to trade alongside traditional securities on the same order book, targeting a rollout by Q3 2026.

• The proposal requires tokenized stocks to carry identical rights to their underlying assets, with on-chain settlement supported by the Depository Trust Company.

• The move comes as Congress drafts tokenization rules.

• Wall Street firms like Coinbase and JPMorgan also explore blockchain-based markets, reflecting Washington’s broader pro-crypto policy shift.

What’s Next: SEC review of Nasdaq’s proposal and potential rollout by late 2026 if approved.

Why it Matters: It would be the first integration of tokenized stocks into the US national market system, bringing blockchain settlement into mainstream finance.

Our Take: Nasdaq is setting the tone for regulated tokenization, and if the SEC signs off, it could force competitors and policymakers to accelerate their own onchain strategies.

GLOBAL LEGAL ROUNDUP

America:

• 🇺🇲 SEC delays decisions on staking for Ethereum ETFs.

• 🇺🇲 Senate Democrats unveil own crypto market structure framework.

• 🇺🇲 Quintenz accuses Tyler Winklevoss of blocking his CFTC chair nomination.

Europe:

• 🇬🇧 Industry groups urge govt. to include digital assets in UK–US Tech Bridge.

APAC:

• 🇮🇳 India resisting comprehensive crypto law.

• 🇻🇳 Vietnam launches 5-year crypto market pilot with strict controls.

• 🇵🇰 Pakistan invites global crypto firms to apply for operating licenses.

• 🇭🇰 Hong Kong proposes easing capital rules for banks holding crypto.

• 🇰🇿 Kazakhstan’s president calls for national crypto reserve andlaw by 2026.

CASE STUDY

Breaking the Dollar’s Stablecoin Grip

Credits to Cointelegraph for the original article

State of play: Dollar stablecoins dominate crypto markets, setting prices and collateral norms, but this reliance ties DeFi liquidity to US monetary policy.

To avoid locking in dollar dependence, regulated euro, yen, and offshore yuan stablecoins are emerging as credible alternatives.

• Europe is pushing ahead with MiCA-compliant issuers like EURAU, while Japan advances with yen-backed tokens from Monex and JPYC.

• Hong Kong’s new licensing regime offers a path for supervised non-USD tokens, potentially including offshore yuan.

• For these alternatives to matter, they must achieve deep exchange liquidity, transparent reserves, multichain issuance, and strong redemption guarantees.

The broader shift toward multicurrency stablecoins would diversify crypto’s financial rails, reducing systemic risk and strengthening regional monetary autonomy, while ensuring the dollar remains important but not monopolistic.

Our Take: Multicurrency stablecoins won’t replace the dollar overnight, but credible euro, yen, and yuan tokens could finally chip away at its onchain monopoly, making crypto markets more resilient and less dollar-dependent.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our comprehensive database of crypto regulations around the world👇

NOTEWORTHY READS & MEME

• Austin Campbell’s read on why people hate banks.

• Nick Neuman’s read on the economic argument for self-custody.

• Danielle Zanzalari’s read on why America must shape global crypto rules.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.