What are tokenized Russell 1000 stocks?

Blockchain-based representations of shares in the 1,000 largest US public companies. Each token is meant to mirror the economic exposure of the underlying equity, including dividends and corporate actions, while settling on a distributed ledger rather than through traditional clearing.

How is this different from existing tokenized stock products?

Current tokenized stocks from issuers like Backed Finance or Dinari trade offshore or as private placements aimed at non-US accredited investors. 24X is a SEC-registered national exchange, so an approval would let US broker-dealers and retail accounts trade the products directly under federal securities oversight.

When could the SEC decide?

Under Section 19(b)(1), the SEC has 45 days from publication to approve, disapprove, or extend, with extensions pushing the deadline up to 240 days. Resolution most likely lands in late 2026 or early 2027 if 24X faces standard procedural extensions.

Which coins benefit if this is approved?

No chain has been named in the public filing. Speculative read-throughs include Ethereum and Solana as settlement layers, plus tokenization middleware names like Ondo Finance. None of this is priced in until 24X discloses partners in supplemental filings.

24X National Exchange Files SEC Rule Change to List Tokenized Russell 1000 Stocks and ETFs

24X National Exchange filed a proposed rule change with the US Securities and Exchange Commission on Thursday to list and trade tokenized versions of Russell 1000 constituent stocks and ETFs, CryptoBriefing reported. The filing, submitted under Section 19(b) of the Exchange Act, would let the venue offer blockchain-settled equity products alongside its conventional listings. If cleared, it would be one of the first SEC-registered national exchanges to host tokenized large-cap US stocks directly.

By Elena Stojanović· AI-assisted· Regulation correspondent

What happened

24X National Exchange submitted a proposed rule change to the SEC on Thursday seeking authorization to list and trade tokenized Russell 1000 stocks and ETFs, per a CryptoBriefing report. The filing covers blockchain-issued representations of the 1,000 largest US public companies by market capitalization, the index that captures roughly 93% of total US equity market value. 24X is registered as a national securities exchange, which means the tokenized products would settle under SEC oversight rather than through an offshore wrapper or a private placement structure.

The filing didn't name a settlement chain in the public summary, and 24X hasn't disclosed which custodians or transfer agents would underwrite the tokenized share class. A public comment period typically opens within days of an SEC 19(b)(1) filing acceptance.

Why it matters

This is the cleanest path tokenized equities have had to a regulated US venue. Existing tokenized stock products from firms like Backed Finance or Dinari trade as either offshore-issued synthetics or private-placement instruments aimed at non-US accredited buyers. A 24X approval would route the same exposure through a registered exchange, opening it to broker-dealers, RIAs, and US retail accounts that can't touch the current crop.

The stakes are bigger than 24X. BlackRock's BUIDL fund has pulled in roughly $2.5B since launch by tokenizing Treasuries on Ethereum. Franklin Templeton's BENJI runs the same playbook. The next leg of that thesis is equities. Robinhood announced a tokenized stock product for European users in mid-2025. A regulated US version is the missing piece, and 24X just put a marker down.

24X National Exchange Files SEC Rule Change to List Tokenized Russell 1000 Stocks and ETFs

What happened

Why it matters

Market impact

What to watch

Disclaimer

Key takeaways

Frequently asked

Sources