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24X National Exchange has filed a proposed rule change with the SEC to enable trading of tokenized versions of Russell 1000 stocks and ETFs on its platform. The filing, designated SR-24X-2026-20, was submitted on June 11 and noticed by the SEC on June 16.
24X is the foremost SEC-registered exchange for extended US equity trading hours, and it’s now making a very deliberate bet that the future of stock trading involves blockchain rails.
What the filing actually proposes
The rule change would allow 24X members to trade tokenized versions of DTC-eligible securities. These tokenized shares would trade on a unified order book alongside their traditional counterparts, rather than creating a separate, fragmented liquidity pool for tokenized assets.
The eligible universe is substantial. Russell 1000 constituents represent roughly the largest thousand publicly traded US companies by market capitalization. Major index ETFs are also included in the scope.
CEO Dmitri Galinov framed the filing as a step toward advancing global access to equity markets.
Following in Nasdaq and NYSE’s footsteps
Nasdaq received approval for its own tokenized securities rule change back in March 2026. NYSE followed a month later in April. So the two largest US exchanges have already gotten the regulatory green light, and 24X is now looking to join the party.
The broader regulatory foundation was laid in December 2025, when the SEC issued a no-action letter permitting a pilot program for tokenized securities through the DTC. That pilot program is scheduled for a production launch in July 2026.
The institutional roster for the pilot includes BlackRock, JPMorgan, and Goldman Sachs. The framework is designed to operate within existing securities laws, with tokenized shares maintaining identical legal standing to their traditional counterparts.
What this means for investors
For retail investors, the near-term impact is likely modest. The longer-term implications include the potential to compress the current T+1 settlement cycle, reducing counterparty risk and freeing up capital that’s currently locked during the settlement window.
The risk, as always, is execution. Regulatory approval isn’t guaranteed. The SEC publishes rule change proposals for public comment, and the review process can stretch for months. Technical integration between blockchain settlement systems and existing market infrastructure introduces complexity that hasn’t been tested at scale.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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