SEC Approves NYSE Rule For The Listing And Trading Of Digital Asset Securities
On April 15, 2026, the SEC issued an order (Release No. 34-105260) approving a significant rule change by the New York Stock Exchange (NYSE) to adopt listing standards and trading protocols for “Digital Asset Securities.” This approval follows the landmark Nasdaq rule change I analyzed HERE and represents the completion of a unified regulatory bridge between traditional exchange architecture and distributed ledger technology (DLT).
The approval should be read in conjunction with the SEC’s January 28, 2026, joint staff statement on tokenized securities, which provided the technical taxonomy for issuer-sponsored versus third-party sponsored models. My blog on the joint statement can be read HERE.
The NYSE’s new framework provides a clear roadmap for issuers to leverage blockchain for cap table management, secondary trading, and settlement efficiency. Importantly, this approval must be read in context with the SEC’s recent no-action relief provided to the Depository Trust Company (DTC) regarding its securities tokenization services, which I discussed Read More »
SEC、デジタル資産証券の上場・取引に関するNYSE規則を承認
2026年4月15日、米国証券取引委員会（SEC）は、ニューヨーク証券取引所（NYSE）が「デジタル資産証券」の上場基準および取引プロトコルを導入するための重要な規則変更を承認する命令（リリース番号34-105260）を発出しました。この承認は、私がで解説した画期的なナスダックの規則変更に続くものであり、従来型の取引所インフラと分散型台帳技術（DLT）を結ぶ統一的な規制上の橋渡しが完成したことを意味します。
今回の承認は、SECが2026年1月28日に公表したトークン化証券に関するスタッフ共同声明と併せて読む必要があります。同声明では、発行会社主導型モデルと第三者主導型モデルを区別するための技術的な分類体系が示されました。この共同声明に関する私のブログはこちらからご覧いただけます 。
NYSEの新たな枠組みは、発行会社が株主名簿管理、流通市場での取引、決済効率の向上にブロックチェーンを活用するための明確な道筋を示しています。重要なのは、この承認を、証券のトークン化サービスに関して米国預託信託会社（DTC）に付与されたSECの最近のノーアクション措置と併せて捉える必要がある点です。この措置については、こちらで詳しく解説しています。これらの動きを総合すると、米国資本市場を支える基盤インフラが正式にDLT時代へと移行したことを示しています。
NYSEの新たな規制枠組み
承認された規則変更では、NYSE上場会社マニュアルが改正され、デジタル資産証券は、証券法第2条(a)(1)に定める証券のうち、DLTを用いて発行、記録、移転されるものと定義されています。NYSEは引き続き技術中立的な立場を維持していますが、新たな規則では、DLTの利用によって株主保護や市場の健全性が損なわれることのないよう、厳格な運用上のガードレールが設けられています。
- 2つの記録管理モデル
2026年1月28日に公表されたトークン化証券に関するスタッフ共同声明で示された技術的な分類体系に沿って、NYSEの規則では、所有権を示す正式な原簿を維持するための2つの異なる方式が認められています。
統合方式： このモデルでは、DLT自体が所有権を示す権威ある正式な原簿として機能します。従来型の「オフチェーン」台帳は存在しません。発行会社がこの方式を利用するには、DLTが「許可型」であるか、またはSEC登録の名義書換代理人によって管理されている必要があります。当該名義書換代理人は、誤りの訂正、コーポレートアクションの処理、および証券取引法規則17Ad-12に基づく紛失・盗難証券に関する規則への対応に必要な「秘密鍵」または管理権限を保持します。
通知方式： このモデルでは、証券をDLT上で表現する一方、権威ある正式な原簿は、名義書換代理人が管理する従来型のシステム上に引き続き保持されます。DLTは実質的に「デジタルツイン」として機能し、従来型台帳の変更をほぼリアルタイムで反映します。全面的な構造移行を行うことなくDLTの導入を試したい既存の発行会社にとって、これは多くの場合、最初の導入手段として選ばれる方式です。
- DTCのトークン化サービスとの連携
DLT導入における主要な課題の一つは、ブロックチェーン台帳と中央集約型の清算・決済システムとの「相互運用性」でした。NYSEの規則には、DTCの証券トークン化サービス向けに最近承認されたプロトコルが明示的に組み込まれています。
DTCの新たなDLT対応インフラを活用することで、NYSE上場のデジタル資産証券は、ブロックチェーンによる追跡の透明性という利点を享受しながら、「ストリートネーム」で保有できるようになりました。これにより、デジタル資産への移行に伴い、DLTを前提とする投資家と、既存の証券会社の業務フローに依存する従来型の機関投資家との間で流動性が分断されることを防ぐことができます。
- 発行会社に対する義務の強化
NYSEは、イノベーションを促進する「推進役」である一方で、品質を犠牲にすることはないという姿勢を明確にしています。デジタル資産証券の上場を希望する発行会社は、以下のような強化された要件を満たす必要があります。
運用管理： 発行会社は、基盤となるDLTプロトコルのセキュリティおよび耐障害性について、第三者による保証報告（SOC 2報告書に類似するもの）を提出する必要があります。
サイバーセキュリティに関する開示： Regulation S-KのItem 106に基づく通常の開示に加え、デジタル資産証券の発行会社は、「秘密鍵」の管理プロトコルや、「ハードフォーク」またはネットワーク停止時の緊急対応計画について、より詳細な情報を開示する必要があります。
名義書換代理人による証明： 発行会社の名義書換代理人は、選択されたDLTと連携するための技術的能力を有し、「コントロール・ブック」の調整処理を含む、必要なすべての機能を遂行できることをNYSEに対して証明する必要があります。
取引所による審査を見据えて
これまで小型株の上場基準に関するブログでも述べてきたとおり、取引所は幅広い裁量権を有しています。発行会社、特にマイクロキャップ企業や小型株企業については、NYSEは、DLTへの移行が正当な事業目的を伴わない単なる宣伝手段として利用されていないことを確認するため、より厳格な審査を行う可能性があります。
問題は通常、企業が証券法務の専門家や名義書換代理人に事前に相談することなく、DLTの導入を進めた場合に生じます。こうした取引では、「時計がどのように組み立てられているか」という、取引の仕組みそのものが極めて重要です。スマートコントラクトのロジックに不備があったり、DLT上の記録と名義書換代理人のコントロール・ブックとの間に不一致が生じたりすると、「過剰発行」や「取引不成立」につながる可能性があり、いずれも取引停止や上場廃止手続きに直結しかねません。
取締役会および経営幹部にとっての意義
ナスダックの枠組みに続いてNYSEの規則が承認されたことで、DLTはもはや「代替的」な市場機能ではなく、主流の上場手段の一つとなりました。取締役会は経営陣に対し、デジタル資産証券への移行によって、流通市場での取引に伴う「決済コスト」を削減できるか、あるいは株主構成をより透明に把握できるようになるかを検討するよう求めるべきです。
DLTネイティブなIPOや既存株式の移行を検討する企業にとって、最も重要なのは、徹底した情報開示です。SECは技術そのものの優劣を判断するものではありませんが、「ガス代」、バリデーターの集中、プロトコルの脆弱性など、DLTに伴うリスクについては、平易で分かりやすい言葉で説明することを求めるでしょう。
今後は、「バックオフィス」の効率性が上場企業にとって競争優位につながる時代に入っていきます。適切かつ法令を遵守した形で構築されれば、デジタル資産証券への移行は、投資家により優れた体験を提供するとともに、企業の財務管理にとって、より強固な基盤となり得ます。
著者
ローラ・アンソニー弁護士
設立パートナー
アンソニー、リンダー＆カコマノリス
企業法務および証券法務事務所
証券弁護士ローラ・アンソニー氏とその経験豊富な法律チームは、中小規模の非公開企業、上場企業、そして上場予定の非公開企業に対して継続的な企業顧問サービスを提供しています。ナスダック、NYSEアメリカン Read More »
SEC Approves NASDAQ Rule For The Listing And Trading Of Digital Asset Securities
On March 19, 2026, the SEC issued an order approving a groundbreaking Nasdaq rule change that establishes a dedicated regulatory framework for the listing and trading of “Digital Asset Securities.” This approval marks a definitive shift in the modernization of the U.S. capital markets, providing a transparent pathway for issuers to utilize distributed ledger technology (DLT) for the issuance and secondary trading of securities on a national securities exchange. This final approval follows the Exchange’s initial proposal from December 2025, which I analyzed in detail HERE.
The approval should be read in conjunction with the SEC’s January 28, 2026, joint staff statement on tokenized securities, which provided the technical taxonomy for issuer-sponsored versus third-party sponsored models. My blog on the joint statement can be read HERE.
The New Regulatory Framework
The approved rule change introduces a new series of listing standards and trading protocols specifically designed for Digital Asset Securities. Under the final rule, Nasdaq defines Read More »
NASDAQ Proposes Amendments To Allow For The Trading Of Digital Assets
On September 8, 2025, in the newest in a series of proposed rule amendments, Nasdaq has proposed amendments to enable the trading of digital assets, including tokenized securities. The purpose of the rule change is to clearly establish that brokers and investors can trade tokens on the Exchange. To effectuate the amendment, Nasdaq is proposing to (i) add blockchain backed equities, including tokenized securities, to the definition of a “security,” (ii) update order entry and routing procedures to include tokenized securities; and (iii) update book processing to align tokenized securities with the same clearance and settlement priority as traditional securities.
Background
Over the years, U.S. equity markets have transformed to support technological innovations including, for example, moving from paper to electronic securities, shortening settlement cycles, instant price dissemination, and allowing for algorithmic electronic trading. Tokenization, which involves recording securities transactions using digital ledger blockchain technology, is such an innovation. Nasdaq believes that as long as the use of Read More »
SEC Establishes Analysis Matrix for Digital Assets
On April 3, 2019, the SEC’s Division of Corporation Finance published a “Framework for Investment Contract Analysis of Digital Assets,” issued a No-Action Letter to Turnkey Jet, Inc. and made a statement on both. Although all guidance is appreciated, there is really nothing new or different about the analysis, which is firmly based on SEC v. W.J. Howey Co. (the “Howey Test”). Moreover, as discussed below, even though the SEC found that Turnkey Jet did not need to comply with the federal securities laws in the issuance and sales of its tokens, the opinion and issued guidelines do not go far enough and still leave a great deal of uncertainty.
Framework for Investment Contract Analysis of Digital Assets
The SEC’s framework sets forth facts and circumstances to be considered in applying the Howey Test to determine if a digital asset is an investment contract and thus a security subject to state and federal securities laws in its Read More »
The Treasury Department Report To The President On FinTech And Innovation
This summer, the U.S. Department of the Treasury issued a report to President Trump entitled “A Financial System That Creates Economic Opportunities; Nonbank Financials, Fintech and Innovation” (the “Treasury Report”). The Treasury Report was issued in response to an executive order dated February 3, 2017 which has resulted in a series of such reports. The executive order identified Core Principles and requested the Treasury Department to identify laws, treaties, regulations, guidance, reporting and record-keeping requirements, and other government policies that promote or inhibit federal regulation of the U.S. financial system in a manner consistent with the Core Principles. In response to its directive, the Treasury Department is issuing four reports. For a summary of the Treasury Department Report on Capital Markets, see HERE.
The Core Principles identified in the executive order are:
- Empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth;
- Prevent taxpayer-funded bailouts;
- Foster economic growth and vibrant
SEC Strategic Plan
On June 19, 2018, the SEC published a draft Strategic Plan and requested public comment on the Plan. The Strategic Plan would guide the SEC’s priorities through fiscal year 2022. The Plan reiterates the theme of serving the interests of Main Street investors, but also recognizes the changing technological world with a priority of becoming more innovative, responsive and resilient to market developments and trends. The Plan also broadly focuses on improving SEC staff’s performance using data and analytics.
The Strategic Plan begins with a broad overview about the SEC itself, a topic I go back to and reiterate on occasion, such as HERE. The SEC’s mission has remained unchanged over the years, including to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. In addition, according to the Strategic Plan, the SEC:
- Engages and interacts with the investing public directly on a daily basis through a variety of channels, including investor roundtables and education
FINRA Examines Fintech Including Blockchain
On July 30, 2018, the Financial Industry Regulatory Authority (FINRA) published a Special Notice seeking public comments on how FINRA can support fintech developments including those related to data aggregation services, supervisory processes, including with the use of artificial intelligence, and the development of a taxonomy-based, machine-readable rulebook. The Special Notice, and fintech in general, necessarily includes blockchain technology, a topic FINRA has been examining for a few years now. Last July, FINRA held a Blockchain Symposium to assess the use of distributed ledger technology (DLT) in the financial industry, and earlier in January 2017 FINRA issued a report entitled “Distributed Ledger Technology: Implications of Blockchain for the Securities Industry” on the topic (see HERE).
Also, on July 6, 2018, FINRA sent Regulatory Notice 18-20 to its members asking all FINRA member firms to notify FINRA if they engage in activities related to digital assets such as cryptocurrencies, virtual coins and tokens. FINRA informs members that it is Read More »
The SEC Has Provided Guidance On Ether and Bitcoin, Sort Of
On June 14, 2018, William Hinman, the Director of the SEC Division of Corporation Finance, gave a speech at Yahoo Finance’s All Markets Summit in which he made two huge revelations for the crypto marketplace. The first is that he believes a cryptocurrency issued in a securities offering could later be purchased and sold in transactions not subject to the securities laws. The second is that Ether and Bitcoin are not currently securities. Also, for the first time, Hinman gives the marketplace guidance on how to structure a token or coin such that it might not be a security.
While this gives the marketplace much-needed guidance on the topic, a speech by an executive with the SEC has no legal force. As a result, the blogs and press responding to Mr. Hinman’s speech have been mixed. Personally, I think it is a significant advancement in the regulatory uncertainty surrounding the crypto space and a signal that more constructive guidance Read More »
What is a SAFT?
A Simple Agreement for Future Tokens (“SAFT”) is an investment contract originally designed to provide a compliant alternative to an initial coin offering (ICO). A SAFT as used today was intended to satisfy the U.S. federal securities laws, money services and tax laws and act as an alternative to an ICO when the platform and other utilization for the cryptocurrency or token was not yet completed. The form of the SAFT is the result of a joint effort between the Cooley law firm and Protocol Lab as detailed in the white paper released on October 2, 2017 entitled “The SAFT Project: Toward a Compliant Token Sale Framework.” As discussed in this blog, the SAFT’s compliance with federal securities laws has now come into question by both the SEC and practitioners.
SAFT’s are offered and sold to accredited investors as an investment to fund the development of a business or project in a way not dissimilar to the way equity changes Read More »
The SEC Has Issued New Guidance On Cybersecurity Disclosures
On February 20, 2018, the SEC issued new interpretative guidance on public company disclosures related to cybersecurity risks and incidents. In addition to addressing public company disclosures, the new guidance reminds companies of the importance of maintaining disclosure controls and procedures to address cyber-risks and incidents and reminds insiders that trading while having non-public information related to cyber-matters could violate federal insider-trading laws.
The prior SEC guidance on the topic was dated, having been issued on October 13, 2011. For a review of this prior guidance, see HERE. The new guidance is not dramatically different from the 2011 guidance.
Introduction
The topic of cybersecurity has been in the forefront in recent years, with the SEC issuing a series of statements and creating two new cyber-based enforcement initiatives targeting the protection of retail investors, including protection related to distributed ledger technology (DLT) and initial coin or cryptocurrency offerings (ICO’s). Moreover, the SEC has asked the House Committee on Financial Read More »
The Senate Banking Committee’s Hearing On Cryptocurrencies
On February 6, 2018, the United States Senate Committee on Banking Housing and Urban Affairs (“Banking Committee”) held a hearing on “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.” Both SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo testified and provided written testimony. The marketplace as a whole had a positive reaction to the testimony, with Bitcoin prices immediately jumping up by over $1600. This blog reviews the testimony and provides my usual commentary.
The SEC and CFTC Share Joint Regulatory Oversight
The Banking Committee hearing follows SEC and CFTC joint statements on January 19, 2018 and a joint op-ed piece in the Wall Street Journal published on January 25, 2018 (see HERE). As with other areas in capital markets, such as swaps, the SEC and CFTC have joint regulatory oversight over cryptocurrencies. Where the SEC regulates securities and securities markets, the CFTC Read More »
The CFTC And Cryptocurrencies
The SEC and U.S. Commodity Futures Trading Commission (CFTC) have been actively policing the crypto or virtual currency space. Both regulators have filed multiple enforcement actions against companies and individuals for improper activities including fraud. On January 25, 2018, SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo published a joint op-ed piece in the Wall Street Journal on the topic.
Backing up a little, on October 17, 2017, the LabCFTC office of the CFTC published “A CFTC Primer on Virtual Currencies” in which it defines virtual currencies and outlines the uses and risks of virtual currencies and the role of the CFTC. The CFTC first found that Bitcoin and other virtual currencies are properly defined as commodities in 2015. Accordingly, the CFTC has regulatory oversight over futures, options, and derivatives contracts on virtual currencies and has oversight to pursue claims of fraud or manipulation involving a virtual currency traded in interstate commerce. Beyond instances of fraud Read More »
State Distributed Ledger Technology and Blockchain Regulations
In a time of rapidly changing regulations and policies on all securities industry and corporate finance topics, and the development of distributed ledger technology (DLT or blockchain) and associated initial cryptocurrency offerings (ICO’s), I have never had so many topics in the queue to write about. With a once-a-week blog, I will just keep working through the list, reporting on all developments, some quicker than others. In this blog, I am circling back to DLT with a synopsis of state law developments and the Uniform Law Commission’s (ULC) approved Uniform Regulation of Virtual Currency Business Act (Uniform VCBA).
Uniform Regulation of Virtual Currency Business Act (Uniform VCBA)
On July 19, 2017, the Uniform Law Commission (ULC) approved Uniform Regulation of Virtual Currency Business Act (Uniform VCBA) to be used as a model for states seeking to adopt such legislation. The VCBA is a money-transmitting or payment-processing-based legislation. The VCBA defines a money transmitter in an effort to provide clarity Read More »
SEC Chief Accountant Speaks On Initial Coin Offerings (ICO’s)
On September 11, 2017, the SEC Chief Accountant, Wesley R. Bricker, gave a speech before the AICPA National Conference on Banks & Savings Institutions. The bulk of the speech was similar to Mr. Bricker’s June 2017 speech before the 36th Annual SEC and Financial Reporting Institute Conference, summarized HERE. However, one topic that was new, and interesting enough to spark this blog, was related to initial coin offerings (ICO’s). Note that offers and sales of digital coins, cryptocurrencies or tokens using distributed ledger technology (DLT) or blockchain have become widely known as ICO’s.
As the capital markets become more and more focused on all things blockchain, including ICO’s, secondary token trading, and disruptive changes made possible by distributed ledger technology (DLT), which is inevitably transforming capital market processes, the SEC is fronting a wave of questions and concerns on the subject. On July 25, 2017, the SEC issued a report on an investigation related to an Read More »
SEC Issues Report on Initial Coin Offerings (ICO’s)
On July 25, 2017, the SEC issued a report on an investigation related to an initial coin offering (ICO) by the DAO and statements by the Divisions of Corporation Finance and Enforcement related to the investigative report (the “Report”). On the same day, the SEC issued an Investor Bulletin related to ICO’s. Offers and sales of digital coins, cryptocurrencies or tokens using distributed ledger technology (DLT) or blockchain have become widely known as ICO’s. For an introduction on DLT and blockchain, see HERE.
The basis of the report is that offers and sales of digital assets, including cryptocurrencies, are subject to the federal (and state) securities laws. From the highest level, the nature of a digital asset must be examined to determine if it meets the definition of a security using established principles (see HERE). In addition, all offers and sales of securities must either be registered with the SEC or there must be an available exemption Read More »
