SEC Roundtable Tests Tokenized Stocks' Last Edge

The US Securities and Exchange Commission meets on September 17, 2026, to discuss 24-hour trading for American equity exchanges. The roundtable, filed under number 4-913, is titled “Preparations for 24-Hour Trading”. It addresses the same feature that has given tokenized stocks their main selling point: continuous tradability.

Tokenized stocks – blockchain representations of real shares, such as NVDAx on Kraken or bStocks on Binance – have long offered trading outside exchange hours, on weekends and holidays. US exchanges are now closing that gap. The SEC approved Nasdaq's application for extended hours on April 10, 2026, and earlier cleared comparable filings from 24X and NYSE Arca. The September meeting is not a decision point; the agency will take no vote that day. It will listen to market participants and record what infrastructure changes are still needed.

Nasdaq currently runs three separate sessions totaling 16 hours. Under the approved model, a day session from 4 a.m. to 8 p.m. ET will be followed by a night session from 9 p.m. to 4 a.m. ET, with a one-hour break for processing corporate actions. NYSE Arca, which applied for 22-hour trading in February 2025, has announced a target launch in 2026, without a specific date. The exchange says it is working with clearing houses and data processors to align market infrastructure.

For tokenized stock holders, the timeline matters directly. Once Nasdaq and NYSE Arca run night sessions, the time advantage of tokens shrinks to weekends and public holidays. That is still an edge, smaller than today's gap between continuous crypto trading and 16-hour exchange sessions. Kraken already moved its xStocks to 24/7 coverage, including weekends, for ten assets: TSLAx, QQQx, SPYx, NVDAx, CRCLx, AAPLx, HOODx, MSTRx, GLDx and GOOGLx. The exchange said it would extend the list based on activity and liquidity.

NVDA, the underlying share for NVDAx, holds an Alpha Score of 73/100, classified as Moderate, according to AlphaScala data. The stock traded at $216.85 on the latest session, down 0.33%.

The narrowing time advantage brings issuer risk into sharper focus. A tokenized share does not make the holder a shareholder; voting rights, dividends and direct claims against the company rest with the token issuer, who holds the real shares in custody. The holder carries the issuer's credit risk alongside the share's price risk. As long as tokenized stocks were the only way to trade on a Sunday evening, that risk was the price of access. Now the risk stands alone more plainly.

Extended hours do not guarantee better execution. The night session will have thinner order books, wider bid-ask spreads and more price impact per order. The same mechanics that apply to today's pre- and post-market sessions will apply to the night; exchanges already require member firms to alert clients to the risks. Traders who execute in these windows are better served by limit orders and should monitor execution quality.

For German investors, two additional layers apply. Tax treatment depends on whether the tokenized instrument is classified as a share or as “other assets” under Section 23 of the Income Tax Act. The one-year holding period for tax-free gains applies only if the classification falls to the latter category, and that determination is disputed. A tax adviser should review the specific instrument. Access to the US night session also depends on the broker. Many neobrokers route orders to German trading venues or market makers, not directly to Nasdaq or NYSE. The execution policy determines what hours are available, not the exchange's schedule.

The SEC roundtable is open to the public. It will be streamed live on sec.gov, and a recording will be posted afterward. The agenda and speaker list will be published in advance. Anyone attending in person should expect limited seating and a security check. Comments may be submitted electronically through the SEC's comment form or by email to rule-comments@sec.gov, with file number 4-913 in the subject line. All submissions are published without redaction of personal details.

The competitive pressure on tokenized stocks builds regardless of a specific broker's access. The reform is decided on the American market and will feed through into product design. The roundtable on September 17 sets the pace.