nasdaq

Leading global exchanges, including the U.S.-based Nasdaq and Germany’s Deutsche Börse, have strongly opposed proposed regulations that would allow crypto companies to offer tokenized stocks without SEC oversight.
Their objection was published in a letter to the U.S. Securities and Exchange Commission (SEC) dated November 21. The letter was issued by the World Federation of Exchanges (WFE), whose members include Nasdaq, Deutsche Börse, and other major exchanges.
🔹 “Regulatory exemptions for crypto firms threaten decades of well-established market safeguards,” said WFE CEO Nandini Sukumar.
She warned that such exemptions could enable the offering of stock-like products without the protections and rights associated with actual share ownership.

SEC Proposal: Allow Retail Investors to Access Tokenized Stocks Without Broker Licenses
The SEC is considering a so-called “innovation exemption” that would let crypto platforms offer blockchain-based tokens representing listed stocks to U.S. retail investors—without requiring the platforms to register as broker-dealers.
The proposal is backed by some crypto firms and reflects a more relaxed stance under SEC Chairman Paul Atkins, appointed during the Trump administration.

Tokenization Divides the Financial World: Innovation vs. Investor Protection
This isn’t WFE’s first pushback. In August, the organization urged regulators across the U.S., Europe, and Asia to crack down on unauthorized tokenized stock offerings. It warned about investor protection issues and reputational risks for companies whose names are used without consent.
Yet despite such concerns, interest in tokenization is booming. Banks, asset managers, and exchanges are exploring blockchain-based settlement and digital asset issuance as part of efforts to modernize financial infrastructure.
Crypto-native platforms want direct access to U.S. stock markets, while traditional exchanges are experimenting with on-chain trading models.

Nasdaq Supports Tokenization — But Only Under Strict Regulation
Interestingly, Nasdaq itself is pushing to offer tokenized stocks—but only within a regulated framework. In September, it filed a rule-change proposal to list and trade tokenized equities with full regulatory treatment, including shareholder rights and CUSIP identifiers.
However, blockchain startup Ondo Finance called for a delay, demanding clarity on how Nasdaq would handle tokenized trades via Depository Trust Company (DTC), which handles U.S. securities clearing.
Even within the WFE, there’s growing support for tokenization. The letter described blockchain-based equities as a “natural evolution of capital markets.”
Still, many exchanges insist that innovation must stay within current regulatory boundaries, not rely on special exemptions for crypto firms.

SEC’s Decision Could Redefine the Future of Stock Trading
Whatever the SEC decides, the outcome will shape how stocks are traded in the U.S. for years to come. Allowing tokenized equities without standard oversight could open the door for nontraditional firms to compete directly with tightly regulated brokers and exchanges.
Investor advocates fear retail users might not fully understand the difference between owning a tokenized proxy of a stock and holding the real equity itself. Earlier this year, companies including OpenAI warned that token versions of their shares circulating on crypto platforms were unauthorized and do not represent actual ownership.

#SEC , #Regulation , #DigitalAssets , #NASDAQ , #blockchain

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The next wave of crypto adoption will not come from trading speculation or memecoins. It will come from gaming. Millions of players already spend time building digital identity earning in-game assets and creating value inside virtual economies. But until now there has been a missing layer in the Web3 gaming ecosystem. There has never been a credible trusted and structured way to launch games tokens and digital economies in a way that protects players and investors while accelerating builders.

This is where @Yield Guild Games Launchpad enters and the timing could not be better. The first cycle of GameFi was explosive but unstable. Ownership based gaming proved its potential but execution failed. Many games launched tokens before content gameplay or retention systems existed. Rewards inflated without economic backing. Player numbers spiked then evaporated. Most tokens lost value before the game became playable. It looked exciting from the outside but the foundation was weak.

This situation is almost identical to the early stock market before regulation. Anyone could issue shares without audits track records accountability or long term planning. The result was volatility confusion and a collapse of trust. What changed everything was structure. When regulated IPO mechanics and listing standards were introduced markets matured. And when #NASDAQ emerged as a curated exchange focused on tech and innovation it became the launch platform for companies that shaped the modern digital economy.

#YGG Launchpad is positioned to play that same role for blockchain games. Instead of open access where any project can launch a token it introduces curation standards evaluation frameworks and readiness criteria. The goal is not to limit creativity. The goal is to align the gaming ecosystem with sustainable business logic game design principles and long term economic engineering. A launchpad becomes more than a funding platform. It becomes a trust signal.

The technical evaluation behind this system is where the real value is created. Instead of judging projects based on social hype or Discord activity the focus shifts to measurable indicators. Does the game have a playable build? Are core loops tested? Is the token mapped to gameplay utility progression access and governance? Does the economy have both sinks and sources to avoid inflation? Are assets designed for ownership and engagement or speculation and flipping?

A new set of metrics is forming similar to how traditional analysts evaluate companies. Retention curves matter more than early hype. Actual in-game wallet activity matters more than follower count. Marketplace liquidity depth matters more than NFT mint volume. Token emission pacing matters more than pre-launch valuation. Treasury management governance participation and economic resilience testing become essential instead of optional.

Liquidity design is another critical element. In a traditional IPO liquidity is managed through controlled unlock schedules strategic market making and layered investor participation. In blockchain gaming tokens often unlock instantly which leads to sell pressure collapses and volatility. A curated launchpad solves this through phased unlocks tied to gameplay milestones adoption metrics and real economy participation.

The benefits of this approach flow through the entire ecosystem. Developers gain legitimacy access to capital infrastructure and a userbase that trusts the selection process. Gamers experience safer entry because they engage with projects that have been evaluated rather than purely hyped. Investors move away from blind speculation toward structured due diligence similar to equity investing.

Over time rating systems indexing tools and institutional research frameworks will emerge. #Web3 gaming will mature from unpredictable token cycles into a structured investment category with measurable growth signals and infrastructure-level standards.

The bigger picture is simple. Blockchain gaming will not scale to one hundred million players through randomness hype or chaotic token launches. It will scale through frameworks governance player-centric economics sustainable incentives and trusted launch infrastructure. YGG Launchpad is not just adding another launchpad to the market. It is building the framework that decides which games will define the future.

Just as Nasdaq enabled the rise of companies that reshaped technology YGG may become the gateway for the most influential blockchain powered games of the next decade and beyond.
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