SEC · OKX · New York · CoinDesk
Former FTX Europe chief targets U.S. tokenized stock trading with new SEC exemption
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A Nasdaq-listed fintech company led by a former FTX Europe executive is planning to bring tokenized U.S. stocks trading onto blockchain rails under the Securities and Exchange Commission's (SEC) new regulatory framework.
Key facts
- The firm reported $65.2 million in total assets at the end of April, while posting a $17.6 million net loss during its fiscal year
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- It also announced an agreement with Datavault AI earlier this year to support trading infrastructure for planned tokenized commodity offerings involving copper, gold and other physical assets
- The company already provides trading technology for Perpetual Markets MTF, a Cyprus-based marketplace licensed under Europe's MiFID II framework that also received authorization under the EU's
Summary
Nasdaq-listed Perpetuals.com plans to offer tokenized U.S. stocks under the SEC's new innovation exemption, following an earlier proposal from an OKX–ICE joint venture. CEO Patrick Gruhn co-founded Digital Assets AG, which developed stock-linked tokens for crypto exchanges including Binance and FTX before being acquired by FTX Group. Trading could begin in mid-November at the earliest, though the company still needs to complete technical and compliance preparations before launch. Perpetuals.com (PDC), headed by CEO Patrick Gruhn, filed a notice on Wednesday that it plans to operate a tokenized securities venue under the SEC's five-year "innovation exemption," which allows certain marketplaces to trade U.S. stocks on public blockchains without registering as traditional securities exchanges.