Perpetuals.com (led by former FTX Europe head Patrick Gruhn) filed with the SEC to trade tokenized U.S. stocks under the Innovation Exemption, with launch planned for mid-November on its Kronos X L2.
Regulation & Gov ·
Perpetuals.com, a Nasdaq-listed platform led by Patrick Gruhn, has submitted an SEC filing to operate a tokenized securities trading venue under the five-year Innovation Exemption framework. This positions the company as the second entity to pursue U.S. tokenized stock trading under this regulatory pathway, following an OKX-ICE joint venture. The filing triggers a 30-day objection period for companies whose securities would be tokenized.
The platform plans to execute trades through permissioned automated market maker pools on Kronos X Public, an Ethereum-compatible Layer 2 network, with USDC designated as the settlement currency. Tokenized shares must retain equivalent dividend and voting rights as their underlying equity counterparts. A mid-November launch window has been targeted, pending regulatory clearance.
The Innovation Exemption permits a limited pilot without requiring full securities exchange registration, though the framework expires after five years. Key unknowns include whether the SEC will approve the filing, whether any issuing companies will object during the comment period, and whether the mid-November timeline will hold pending review.