Perpetuals.com Seeks SEC Path for Tokenized U.S. Stocks
Nasdaq-listed Perpetuals.com plans to launch a U.S. tokenized stock marketplace under the SEC’s five-year innovation exemption. It filed a public notice on Wednesday, becoming the second company to pursue the framework after OKX-ICE, a joint venture involving OKX and NYSE parent Intercontinental Exchange.
The SEC framework permits eligible venues to trade U.S. stocks on public blockchains without registering as traditional securities exchanges. Tokenized shares must retain ordinary shareholder rights, including voting and dividends. Companies have 30 days to object to their shares being listed.
The proposed venue will be operated by Perpetuals subsidiary Kephas Corporation. It plans to use permissioned automated market-maker pools, initially on the Ethereum-compatible Kronos X Public network, with tokenized stocks paired against a digital asset expected to be USDC. Trading could start in mid-November at the earliest, subject to compliance, market-data and security preparations.
CEO Patrick Gruhn previously co-founded Digital Assets AG, which helped develop stock-linked tokens offered by platforms including Binance and FTX in 2021. Those earlier products did not provide voting rights, and Binance discontinued its offering amid regulatory scrutiny. The new SEC framework could bring tokenized equities closer to conventional securities protections, but the launch remains conditional on operational and compliance work.
Neutral
The announcement is strategically significant for tokenized equities, but its immediate effect on broader crypto markets is likely neutral. Perpetuals.com has filed a notice, not launched trading; the earliest possible start is mid-November, and compliance, market-data arrangements and smart-contract reviews remain outstanding. The venue’s planned use of USDC and an Ethereum-compatible network may create demand for blockchain-based settlement, but the article provides no expected trading volumes or evidence of material near-term buying pressure for ETH or USDC.
The SEC framework could support the sector over the longer term if tokenized shares offer the same voting and dividend rights as conventional stocks. That would distinguish the proposed products from earlier stock tokens, including Binance’s 2021 offering, which lacked voting rights and was discontinued amid regulatory scrutiny. However, the 30-day objection period and remaining launch requirements leave regulatory and execution risks. Traders may watch for further SEC notices, final disclosures, launch confirmation and signs of liquidity. Until those milestones arrive, the news is more relevant as a development in market structure than as a direct directional signal for major crypto assets.