According to Lex Sokolin, Nasdaq has submitted SEC filing SR-NASDAQ-2025-072 to apply tokenized securities trading to its own markets, signaling a step-change in institutional market infrastructure for on-chain assets. source: Lex Sokolin on X (twitter.com/LexSokolin/status/1965363403444142139); Nasdaq Listing Center filing SR-NASDAQ-2025-072 (listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-072.pdf). Sokolin characterizes the move as a transition from a toy phase to a grown-up phase for tokenized securities, underscoring heightened regulatory engagement and exchange-level implementation. source: Lex Sokolin on X (twitter.com/LexSokolin/status/1965363403444142139). He also notes Stripe is building on EVM, highlighting concurrent expansion of on-chain payment rails relevant to the ETH ecosystem and EVM-compatible networks. source: Lex Sokolin on X (twitter.com/LexSokolin/status/1965363403444142139). For traders, the specific docket SR-NASDAQ-2025-072 provides a concrete reference to monitor the SEC review path and any Nasdaq updates that could affect timing and scope of tokenized securities access. source: Nasdaq Listing Center filing SR-NASDAQ-2025-072 (listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-072.pdf).