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Nasdaq-listed Perpetuals.com has announced plans to operate a marketplace for tokenized U.S. stocks under the Securities and Exchange Commission’s (SEC) five-year innovation exemption.
What Happened
Perpetuals.com filed a public notice with the SEC, outlining its intention to launch a tokenized securities venue under the innovation exemption.
Trading could begin as early as mid-November. But that date depends on completing technical, compliance, and security reviews. The company has not set a firm launch date.
The U.S. platform will run through Kephas Corporation, a Delaware-based subsidiary. All operations will follow SEC rules, including transparency and investor protection.
Background: A Track Record in Tokenization
Patrick Gruhn, CEO of Perpetuals.com, co-founded Digital Assets AG. This company created early stock-linked tokens for Binance and FTX in 2021.
Those tokens offered price exposure but lacked voting rights or dividends. They did not match traditional shareholder benefits.
German regulator BaFin raised concerns about missing prospectuses and unclear rights. Binance ended its offering in July 2021 due to regulatory pressure.
After Digital Assets AG was acquired by FTX Group, Gruhn led FTX Europe. His tenure ended with the exchange’s collapse in November 2022. His experience shapes Perpetuals.com’s current strategy.
How the New Platform Would Work
Perpetuals.com will use permissioned AMMs on Kronos X Public, an Ethereum-compatible layer-2 blockchain.
AMMs use smart contracts and liquidity pools. They enable trades without traditional order books.
Each pool pairs a tokenized U.S. stock with USDC, a stablecoin from Circle. This lets investors trade shares against a dollar-pegged asset.
Each tokenized share will carry full shareholder rights—voting and dividends—matching traditional shares. This is required by the SEC’s innovation exemption.
Before trading starts, Perpetuals.com will publish live smart-contract addresses and full disclosures. This lets investors audit the code and verify compliance.
Why It Matters
The SEC’s innovation exemption allows public blockchain trading of U.S. stocks without full exchange registration.
It reduces compliance burdens while protecting investors. Companies have 30 days to object before trading begins.
If no objection is raised, the offering proceeds. This gives shareholders a formal say in tokenized trading.
Perpetuals.com follows OKXICE, which also plans round-the-clock trading of over 60 U.S. stocks. This signals growing interest in tokenized equities.
Limitations and Open Questions
The SEC has not defined what ‘equivalent shareholder rights’ means in a tokenized form. This remains unclear.
Regulators may challenge AMMs. These models differ from traditional exchanges and could be seen as inconsistent with market norms.
Perpetuals.com reported $65.2 million in total assets and a $17.6 million net loss. This raises questions about financial stability and long-term revenue.
The platform starts with U.S. stocks. It may expand to international assets. A partnership with Datavault AI shows plans for tokenized copper, gold, and other physical assets—targeting over $300 million in issuance.
What to Watch Next
Investors and regulators will watch the launch timeline, disclosures, and performance closely.
Perpetuals.com’s success could set a precedent for how traditional assets integrate into blockchain systems.
As more firms enter this space, standards for tokenized securities may evolve. The innovation exemption is a key test of how securities laws adapt to digital finance.
Related reading: Palantir Europe Chief Warns Region Is Missing AI Boat
For more on tokenized assets, see the original source.
