Former FTX Europe chief targets U.S. tokenized stock trading with new SEC exemption

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.

The move makes Perpetuals.com the second company to pursue a marketplace under the exemption, following OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange (NYSE) parent Intercontinental Exchange (ICE), which last week filed plans for round-the-clock trading of more than 60 tokenized U.S. stocks.

The exemption, introduced in September, allows certain marketplaces to trade U.S. stocks on public blockchains without registering as traditional securities exchanges. It requires tokens to carry the same shareholder rights as ordinary shares, including dividends and voting rights, while giving companies 30 days to object to having their shares traded on a tokenized securities venue.