24X Files SEC Application for Tokenized Russell 1000 Stocks and ETFs

24X National Exchange has filed a proposed rule change with the U.S. Securities and Exchange Commission seeking to permit eligible members to trade tokenized Russell 1000 stocks and major-index exchange-traded funds under the Depository Trust Company's tokenization pilot program. The filing would allow participating members to clear and settle trades in tokenized representations of these securities if approved.

24X joins Nasdaq, which received SEC approval for a comparable tokenized securities framework earlier this year, and NYSE, which has submitted its own application. The filings indicate that major exchange operators increasingly view tokenization as a market infrastructure development rather than a crypto-specific product.