Investors who used to invest in US stocks could manage their sleep issues at night, but if this reform really happens, they might have to start worrying during the day as well.

As the crypto market has long adapted to a 7×24 uninterrupted rhythm, Nasdaq, sitting in the traditional financial center, is finally feeling a bit restless.

This is not an exaggeration. On December 15, Nasdaq officially submitted an application to the U.S. Securities and Exchange Commission (SEC) to directly extend the current trading framework—from 5 days a week, 16 hours a day (pre-market + market hours + after-hours) to 5 days a week, 23 hours a day (daytime + nighttime).

If approved, US stock trading will continue from 9:00 PM on Sunday to 8:00 PM on Friday, with only a 1-hour "cleaning" time (8:00 PM - 9:00 PM) in between. The official explanation sounds very legitimate - to meet the growing trading demand from Asian and European investors, allowing them to participate during non-traditional hours.

But if you think deeper, you will find that the calculations behind this are far from just simply expanding the investor base.

This step by Nasdaq is actually conducting an extreme pressure test for the tokenization of stocks. A clear timeline is emerging—from the current institutional design to future actual operations, traditional financial markets are gradually building a "never-closing financial system."

What does this change mean? Once realized, the rhythm of U.S. stock investors will be completely altered, and the way market risks are managed will also be adjusted. This process is precisely what crypto assets and on-chain finance have been doing all along - breaking the constraints of time and allowing the market to maintain eternal liquidity.