Former FTX Europe chief targets U.S. tokenized stock trading with new SEC exemption
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Summary
Perpetuals.com, a Nasdaq-listed fintech led by former FTX Europe chief Patrick Gruhn, plans to launch tokenized U.S. stock trading under the SEC's new five-year "innovation exemption." This regulatory framework permits trading of tokenized U.S. stocks on public blockchains without registering as traditional securities exchanges. Perpetuals.com will operate the venue through its Delaware-based subsidiary, Kephas Corporation, using permissioned automated market makers on an Ethereum-compatible layer-2 blockchain. Trading could start as early as mid-November, pending final technical and compliance preparations.
Why it matters
The development represents one of the first implementations of the SEC's innovation exemption, signaling regulatory acceptance of blockchain-based securities trading venues in the U.S. This could potentially expand trading options and liquidity for tokenized securities. The source does not explicitly discuss broader market or industry impacts.
Key context
Patrick Gruhn previously co-founded Digital Assets AG, an early pioneer in stock-linked tokens, which was acquired by FTX Group before its collapse in 2022. Earlier tokenized stock products offered by Binance and others lacked shareholder rights and faced regulatory pushback. The SEC's new framework mandates that tokenized stocks carry full shareholder rights, including dividends and voting. The innovation exemption began in September 2026 and allows such venues to operate under less onerous registration requirements, with companies able to object within 30 days to tokenized trading of their shares.
Key numbers and entities
Perpetuals.com (PDC), Patrick Gruhn (CEO), Kephas Corporation (Delaware subsidiary), SEC innovation exemption, OKX–ICE joint venture (first user of the exemption), Binance, FTX Group, Digital Assets AG, CM-Equity, Circle's USDC stablecoin, $65.2 million in Perpetuals’ total assets (April 2026), $17.6 million net loss (fiscal year).
What remains unclear
The exact tokenized stocks to be offered have not been detailed, nor has a firm launch date been set. Further specifics on how shareholder rights will be implemented technologically and how liquidity pools will be managed remain unspecified. The source does not clarify the size of the market or user base targeted, nor the full implications for broader regulatory compliance beyond the exemption framework.