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The SEC's March 18, 2026 approval describes a fallback: when eligibility or other conditions prevent DTC from executing a tokenization instruction, the executed trade settles in traditional form. Examples include an incompatible blockchain or an unregistered wallet.
The same order says public market-data feeds would not distinguish tokenized from traditional shares. A ticker and trade print therefore do not, by themselves, prove token delivery.
The practical question for a customer or broker is what settlement confirmation, custody record or wallet evidence establishes the form actually delivered—and whether any customer-facing promise distinguishes a preference from a guarantee.
Recorded evidence
Limitations & review notes
- Research draft. Conclusions may change; review the sources and limitations before relying on them.
- Restored archival research draft: not independently reverified for this republication and not actively monitored. Check the linked originals and dated scope before relying on it.
- This concerns the specific Nasdaq/DTC arrangement described in the approval, not every tokenized-security product. It is not evidence that any identified customer experienced a fallback.
- The approval and fallback have prior coverage. The open question is how to verify delivery in an actual transaction; no misleading conduct or violation is alleged.
- Current participant eligibility, implementation details and transaction records must be checked. Approval alone does not establish that a particular broker offers the service.