Perpetuals.com plans to launch tokenized US stock trading under the SEC's new framework.

On October 14, CoinDesk reported that Nasdaq-listed fintech company Perpetuals.com (PDC) has officially submitted a notice outlining its plan to operate a trading venue for tokenized U.S. stocks under the SEC’s five-year “innovation exemption” framework. This exemption permits designated markets to trade U.S. stocks on public blockchains without registering as traditional stock exchanges, but requires that tokens must carry the same shareholder rights as common shares, including dividends and voting rights.

Perpetuals.com is the second entity, following OKXICE—a joint venture between OKX and ICE, the parent company of the New York Stock Exchange—to apply for this exemption. Its U.S. market will be operated by its Delaware subsidiary, Kephas Corporation, conducting trades through AMM liquidity pools on the Ethereum-compatible Layer 2 network Kronos X Public, with initial trading pairs consisting of U.S. stock tokens and USDC. Company CEO Patrick Gruhn previously led operations for FTX Europe and participated in developing early stock token products at Binance and FTX. The platform is expected to launch as early as mid-November.