CoinDesk
Nasdaq-listed Perpetuals.com has filed notice of plans to operate a U.S. tokenized stock marketplace under the SEC’s five-year innovation exemption. It is the second proposal under the framework, after an OKX and ICE joint venture announced plans for round-the-clock trading in more than 60 tokenized U.S. stocks.
Why it matters
The exemption allows certain marketplaces to trade U.S. stocks on public blockchains without registering as traditional securities exchanges. Tokenized shares must carry the same rights as ordinary shares, including dividends and voting, and companies have 30 days to object to their shares being listed.
The plan marks a return to tokenized equities for CEO Patrick Gruhn, who co-founded Digital Assets AG. The company developed stock-linked tokens for platforms including Binance and FTX in 2021. Those products offered price exposure but did not provide voting rights; Binance discontinued its stock-token offering amid regulatory scrutiny.
Market impact
Perpetuals.com’s venue would be operated by Delaware subsidiary Kephas Corporation, using permissioned automated market-maker liquidity pools. The initial network is Kronos X Public, an Ethereum-compatible layer 2, and each pool is expected to pair a tokenized U.S. stock with a digital asset, initially a form of USDC.
Trading could begin in mid-November at the earliest, after the required 30-day period. The company still needs to complete market-data and compliance arrangements, smart-contract security reviews and other preparations. It also plans to publish updated disclosures, including live smart-contract addresses, before trading starts.
Frequently asked questions
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What does the SEC innovation exemption allow?
It allows certain marketplaces to trade U.S. stocks on public blockchains without registering as traditional securities exchanges.
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What rights must the tokenized shares provide?
The tokens must carry the same shareholder rights as ordinary shares, including dividends and voting rights.
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How does Perpetuals.com plan to facilitate trading?
Its venue would use permissioned automated-market-maker liquidity pools, initially on the Ethereum-compatible Kronos X Public layer 2.
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When could trading begin?
Trading could begin in mid-November at the earliest, after the required 30-day period and completion of technical and compliance preparations.
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How do the planned tokens differ from earlier stock-linked products?
The SEC framework requires shareholder rights such as voting and dividends. Earlier Binance stock tokens offered price exposure but not voting rights.
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