The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq to conduct a pilot program for tokenized stock trading, marking a further integration of traditional finance and blockchain. According to documents, eligible participants can choose to settle their shares in tokenized form in a pilot program operated by the Depository Trust and Clearing Corporation (DTCC). These tokenized shares will share the same order book and matching priority as traditional shares and must provide investors with the same shareholder rights. This pilot program allows market participants to explore the feasibility of on-chain settlement without altering the trading structure, representing an important step in gradually introducing traditional securities market infrastructure into the blockchain. Under the leadership of SEC Chairman Paul Atkins, regulators are accelerating the development of crypto-related rules, including exploring mechanisms such as "innovation exemptions." However, the SEC emphasizes that tokenized securities must still comply with the existing securities legal framework. Overall, this pilot program further validates the possibility of tokenized stocks being implemented on mainstream exchanges and paves the way for broader on-chain securities trading in the future.