Former FTX Europe Chief Plans Tokenized U.S. Stock Trading Under SEC Exemption
Perpetuals.com Moves Into Tokenized Stock Market
Nasdaq-listed fintech company Perpetuals.com (PDC) has filed to offer tokenized U.S. stocks under a new Securities and Exchange Commission (SEC) framework. The company is led by CEO Patrick Gruhn, who previously ran FTX Europe before the crypto exchange collapsed in November 2022. Tokenized stocks are digital tokens on a blockchain that represent ownership of real company shares. Perpetuals.com filed its notice on Wednesday, seeking to use the SEC's five-year "innovation exemption." This exemption lets certain trading platforms operate without registering as traditional securities exchanges, as long as they follow specific rules.
Key Details on the Plan
- Perpetuals.com is the second company to pursue a tokenized stock marketplace under the SEC's new framework, following a joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange (ICE)
- The exemption requires tokens to carry the same shareholder rights as ordinary shares, including dividends and voting rights
- Companies have 30 days to object to having their shares traded on a tokenized venue
- Trading could begin as early as mid-November
- The company still needs to complete technical and compliance preparations before launch
The SEC's Innovation Exemption
The SEC introduced the exemption in September 2026. It allows approved marketplaces to trade U.S. stocks on public blockchains without going through the lengthy process of registering as a traditional securities exchange. The goal appears to be testing how blockchain-based stock trading works while maintaining investor protections like voting rights and dividend payments.
Gruhn's Backing in Tokenized Stocks
Gruhn has previous experience in this space. He co-founded Digital Assets AG, a Swiss-based tokenization company that created stock-linked tokens for crypto exchanges including Binance and FTX around 2021. Those early tokens gave traders price exposure to companies like Tesla and Coinbase, but they did not include voting rights. Binance discontinued its stock token offering in July 2021 amid regulatory scrutiny, including concerns from German regulator BaFin about the lack of a published securities prospectus.
How This Differs From Past Efforts
The current plan under the SEC exemption is different from the earlier products Gruhn helped create. The old tokens offered only price exposure without shareholder rights. Under the new SEC framework, tokens must provide the same rights as regular shares, including the ability to vote and receive dividends.
What This Means for Investors
If launched, Perpetuals.com would offer a new way for investors to trade U.S. stocks using blockchain technology. The SEC's 30-day objection window gives companies the chance to block their shares from being tokenized if they choose. The outcome could influence how easily other platforms follow with similar offerings.
What Comes Next
Perpetuals.com still needs to finish technical and compliance work before any trading begins. The company has indicated mid-November as the earliest possible launch date, but that timeline depends on completing those preparations.
Sources
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