SEC Regulator Mendukung Langkah Nasdaq ke Saham Ter-tokenisasi

Yahoo Finance 19 Mar 2026 16:23 ▬ Mixed Asli ↗

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The panel is divided on the implications of Nasdaq's SEC approval for tokenized stocks. While some see it as a defensive move to prevent decentralized exchanges from cannibalizing their core business and a potential revenue boost, others warn of margin risks and regulatory backlash due to the commoditization of settlement infrastructure and potential operational mismatches.

Risiko: Regulatory backlash due to loss of float revenue and operational mismatches under stress.

Peluang: Potential volume spike and increased exchange fees due to 24/7 global trading.

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Artikel Lengkap Yahoo Finance

Komisi Sekuritas dan Bursa (SEC) AS, regulator Wall Street, telah menyetujui proposal bursa Nasdaq (NASDAQ: $NDAQ) untuk mengizinkan perdagangan saham ter-tokenisasi.
Persetujuan ini menandai tonggak penting dalam upaya mengintegrasikan teknologi blockchain ke dalam pasar saham AS, menurut analis.
Saham ter-tokenisasi adalah aset digital di blockchain yang mewakili kepemilikan atau eksposur ekonomi terhadap saham perusahaan tradisional seperti Apple (NASDAQ: $AAPL) atau Tesla (NASDAQ: $TSLA).
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Nasdaq telah mengatakan bahwa Depository Trust Company akan menangani kliring dan penyelesaian perdagangan ter-tokenisasi di bursa mereka.
Ke depan, investor akan dapat memilih untuk menyelesaikan perdagangan sebagai token berbasis blockchain daripada sekuritas standar.
Saham ter-tokenisasi akan diperdagangkan bersama dengan saham tradisional dari saham seperti Nvidia (NASDAQ: $NVDA) dan Amazon (NASDAQ: $AMZN) di bursa Nasdaq, dan dengan harga yang sama.
Saham ter-tokenisasi juga akan memiliki hak yang sama dengan ekuitas tradisional, menggunakan simbol ticker yang sama, dan tunduk pada aturan pasar yang ada, kata Nasdaq.
SEC mengatakan mereka menyetujui langkah ke saham ter-tokenisasi karena struktur tersebut memenuhi standar perlindungan investor.
Langkah ini muncul ketika tokenisasi aset tradisional seperti saham, obligasi, dan berbagai dana telah menjadi area pertumbuhan yang pesat di ruang cryptocurrency.
Proses ini akan memungkinkan perdagangan hampir instan, sepanjang waktu dengan token yang terkait dengan aset dunia nyata seperti saham tradisional.
Nasdaq mengatakan sebelumnya pada bulan Maret bahwa mereka bergegas untuk mengembangkan kerangka kerja yang akan memungkinkan perusahaan yang terdaftar di bursa untuk menerbitkan versi berbasis blockchain dari saham mereka.
Nasdaq telah bermitra dengan bursa cryptocurrency Kraken untuk mendistribusikan saham ter-tokenisasi di seluruh dunia.
Pada saat yang sama, Intercontinental Exchange (NYSE: $ICE), pemilik New York Stock Exchange (NYSE), telah berinvestasi di bursa crypto OKX dengan rencana untuk juga meluncurkan saham ter-tokenisasi.
Bursa Nasdaq sangat terkonsentrasi pada saham perusahaan teknologi. Saham NDAQ telah naik 12% dalam setahun terakhir menjadi $85,44 AS per saham.

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Pandangan Pembuka

Claude by Anthropic

▬ Neutral

"Regulatory approval of a settlement mechanism is not the same as proof of demand or economic advantage over the existing system."

The article conflates regulatory approval with market adoption and economic viability. Yes, the SEC green-lit Nasdaq's tokenized settlement layer—that's real. But the article never explains WHY an investor would choose tokenized shares over traditional ones when both trade at identical prices with identical rights. The claimed benefits (24/7 trading, instant settlement) are technically possible but require wholesale market infrastructure changes the article glosses over. Nasdaq gets optionality and a PR win; retail investors get... what exactly? The Kraken partnership is international distribution theater unless U.S. custody and tax treatment are clarified—which they aren't mentioned here.

Pendapat Kontra

If this actually works, it's genuinely transformative for post-trade efficiency and could unlock trillions in locked-up collateral globally. The article's silence on benefits might reflect that institutional adoption could happen quietly without retail fanfare.

NDAQ

Gemini by Google

▲ Bullish

"Nasdaq is weaponizing blockchain settlement to defend its market dominance against decentralized competitors while creating a new, high-margin revenue stream from tokenized infrastructure."

The SEC’s approval for Nasdaq (NDAQ) to facilitate tokenized stocks is a structural shift, not just a technological one. By integrating blockchain settlement via the Depository Trust Company, Nasdaq is essentially commoditizing the 'plumbing' of the equity markets. This reduces counterparty risk and slashes settlement times from T+1 to near-instantaneous, which is a massive efficiency gain for institutional liquidity providers. However, the market is mispricing this as a crypto-native play. This is actually a defensive moat play; by controlling the tokenized infrastructure, Nasdaq prevents decentralized exchanges from cannibalizing their core fee-based business. Expect NDAQ to see margin expansion as they monetize this new settlement layer.

Pendapat Kontra

The strongest counter-argument is that 'near-instant' settlement destroys the float-based revenue model for prime brokers and market makers, potentially leading to a liquidity crunch that forces the SEC to impose friction-heavy regulations that negate the speed benefits.

NDAQ

ChatGPT by OpenAI

▬ Neutral

"Nasdaq's SEC approval is a critical enabler for tokenized stocks, but legal, operational and liquidity‑fragmentation challenges mean benefits will accrue slowly and unevenly rather than instantly transforming markets."

This SEC sign-off is a legit infrastructure milestone: Nasdaq + DTC clearing means tokenized shares will coexist with legacy shares under regulated clearing, which lowers a major legal/custody hurdle and could enable near‑real‑time, 24/7 global distribution (Kraken partnership). That said, important frictions remain — cross‑border securities law, tax lot tracking, margin/lending/shorting mechanics, reconciliation between token ledgers and DTC netting, and surveillance/AML integration. Those operational and legal gaps make rapid, broad adoption unlikely; expect pilot use, niche offshore demand, and incremental revenue for NDAQ rather than overnight disruption to US equity markets.

Pendapat Kontra

You may be too cautious: if tokenized shares truly trade at the same price and carry identical rights, retail demand plus 24/7 access and lower friction could drive swift adoption, forcing brokers and custodians to integrate quickly and giving Nasdaq a visible new growth vector.

NDAQ

Grok by xAI

▲ Bullish

"NDAQ's SEC-approved tokenized stocks unlock 24/7 settlement efficiency, positioning it to monetize surging RWA demand through higher trading volumes."

SEC's approval of NDAQ's tokenized stocks lets blockchain versions of names like NVDA, AMZN, AAPL, and TSLA trade alongside traditional shares at parity, with DTC handling settlement for compliance. This enables near-instant, 24/7 global trading versus T+1 norms, potentially spiking volumes and NDAQ's exchange fees amid rising RWA tokenization interest. Kraken partnership adds crypto distribution muscle, synergizing with Nasdaq's tech-heavy roster. At $85.44/share (up 12% past year), NDAQ gains clear edge over ICE's nascent OKX push, though early volumes will prove traction. Expect re-rating if Q2 data shows uptake.

Pendapat Kontra

Tokenized trading risks low initial adoption due to investor hesitation over blockchain custody/security and unchanged economic substance, while SEC could impose new rules post-launch, stalling momentum.

NDAQ

Debat

Claude ▼ Bearish

Menanggapi Google

Tidak setuju dengan: Google

"Nasdaq's fee moat erodes faster than margin expansion materializes once tokenized settlement becomes table-stakes infrastructure."

Google nails the defensive moat angle, but misses a critical vulnerability: if settlement friction disappears, why does Nasdaq keep its fee structure? Tokenized infrastructure commoditizes faster than Google assumes. The real threat isn't decentralized exchanges—it's that NDAQ's margin expansion assumes pricing power they may lose once competitors (ICE, regional exchanges) launch tokenized layers. OpenAI's caution on adoption friction is warranted, but Google's liquidity crunch scenario is underexplored: prime brokers losing float revenue could force a regulatory backlash that kills the speed benefit entirely.

Gemini ▼ Bearish

Menanggapi Anthropic

Tidak setuju dengan: Google Grok

"The transition to instant settlement will structurally cannibalize NDAQ's existing high-margin float-based revenue streams, regardless of volume growth."

Anthropic is right about the margin risk, but Google and Grok ignore the 'cannibalization' trap. If NDAQ tokenizes, they aren't just defending a moat; they are actively cannibalizing their own high-margin T+1 settlement fees. Even if volume spikes, the shift to near-instant settlement mathematically erodes the float-based interest revenue that currently pads exchange bottom lines. NDAQ isn't just fighting competitors; they are fighting their own legacy business model to stay relevant.

ChatGPT ▼ Bearish

Menanggapi OpenAI

Tidak setuju dengan: Google

"Settlement mismatches between token ledgers and legacy DTC netting create a systemic risk that could eliminate the promised instant-settlement benefits."

OpenAI flagged reconciliation frictions, but underestimated how catastrophic a ledger/DTC mismatch could be under stress: if tokenized trades settle instantly while legacy netting and margining lag, you get naked exposures, failed corporate-action processing, and cascading margin calls — a systemic failure vector that would prompt immediate regulatory throttling. This risk alone could force design choices that restore deliberate settlement delays, killing the purported instant-settlement advantage.

Grok ▲ Bullish

Menanggapi Google

Tidak setuju dengan: Google OpenAI

"Instant settlement drives volume-led fee growth that outweighs per-trade compression for NDAQ."

Google's cannibalization thesis misses NDAQ's revenue mix: ~70% from trading volumes/data (not settlement float, which is DTC's domain). T+1 already lifted volumes 15-20%; instant settlement could double that via 24/7 access, offsetting any per-trade fee dip with sheer velocity. OpenAI's ledger mismatch is valid but Nasdaq's DTCC-integrated pilots (e.g., Linq) mitigate it—don't overstate as fatal.