Perpetuals Targets Tokenized US Stocks Under SEC’s New Trading Framework

Perpetuals.com is seeking to enter the US tokenized securities market under a new Securities and Exchange Commission (SEC) framework, as regulators open a conditional path for blockchain-based trading of listed stocks.

The Nasdaq-listed fintech announced on October 14 that it intends to use the SEC’s five-year Innovation Exemption to establish a venue for tokenized US equities. It is the second company to pursue the framework, following OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange.

The proposed venue would be operated by Perpetuals.com subsidiary Kephas Corporation. Trading could begin as early as mid-November, subject to the required notice period and completion of technical and compliance preparations. The company has not confirmed a launch date.

SEC Framework Sets Conditions for Tokenized Stock Trading

Introduced in September, the SEC’s Innovation Exemption allows qualifying venues to trade eligible tokenized US stocks under specified conditions without following the traditional securities-exchange registration pathway, subject to the order’s requirements.

The temporary framework lasts five years and includes limits on eligible stocks and trading volumes. Tokenized shares must provide holders with the same rights and privileges as conventional shares, including dividends and voting rights. Venues must also meet disclosure, smart-contract auditing and trading-suspension requirements.

The exemption provides a potential route for blockchain-based securities trading while regulators assess how the model operates in practice. It does not authorize unrestricted tokenized-stock trading or automatically approve every company seeking to use it.

Perpetuals Plans Permissioned Liquidity Pools

Perpetuals.com plans to run the proposed venue on Kronos X Public, its Ethereum-compatible Layer-2 blockchain, using permissioned automated market maker (AMM) liquidity pools rather than a conventional order book.

According to the company's announcement, the pools are expected to pair tokenized US stocks with a digital asset, initially a form of USDC, the dollar-pegged stablecoin issued by Circle.

Before trading begins, the company plans to complete market-data and compliance arrangements, review smart-contract security and publish updated disclosures, including contract addresses.

Former FTX Europe Chief Returns to Stock Tokenization

The initiative also marks another move into tokenized equities for Perpetuals.com CEO Patrick Gruhn.

Gruhn co-founded Digital Assets AG, which developed stock-linked tokens offered through cryptocurrency exchanges including Binance and FTX in 2021. The business was later acquired by FTX Group, and Gruhn subsequently led FTX Europe before the group's collapse in November 2022.

Those earlier products offered price exposure to underlying shares but differed from the securities contemplated by the SEC's current framework. Binance discontinued its stock-token offering in July 2021 amid regulatory scrutiny.

Perpetuals.com already operates in regulated trading infrastructure through its European activities. Its proposed US venue would extend that business into a framework specifically designed for eligible tokenized securities.

The initiative's progress will depend on meeting the exemption's requirements and completing the necessary technical and compliance work. Until trading begins, the announcement remains a plan rather than a live US tokenized-stock service.