SKN | Former FTX Europe Chief Targets U.S. Tokenized Stock Trading Under New SEC Framework

Key Points:

• Perpetuals.com is pursuing a U.S. marketplace for tokenized stocks under a new Securities and Exchange Commission (SEC) exemption framework.
• The Nasdaq-listed company is the second reported entrant, following a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange.
• Regulatory access, investor protections, liquidity, and settlement infrastructure will determine whether tokenized equities can gain traction in U.S. financial markets.

Perpetuals.com, a Nasdaq-listed company led by a former FTX Europe chief, is targeting the U.S. market for tokenized stock trading under a new regulatory framework involving the Securities and Exchange Commission. The initiative reflects growing interest in bringing blockchain-based securities into established financial markets, as cryptocurrency firms and traditional exchange operators explore ways to modernize equity trading, ownership records, and settlement.

Perpetuals.com Enters the Race to Tokenize U.S. Equities

According to CoinDesk’s October 14, 2026, report, Perpetuals.com is the second company to pursue a U.S. tokenized stock marketplace under the SEC’s new framework. The company is seeking to establish a platform that would allow securities to be represented and traded through blockchain-based infrastructure, subject to the applicable regulatory requirements.

The involvement of a Nasdaq-listed company adds another dimension to the developing market. Tokenization has increasingly attracted financial institutions seeking to combine the operational capabilities of distributed ledger technology with established securities markets. However, pursuing a marketplace under an exemption framework does not, by itself, establish that a platform has received final authorization or can immediately begin operating.

For institutional investors, the central issue is whether tokenized securities can provide practical improvements in trading, ownership administration, and settlement while maintaining the legal rights associated with conventional shares.

OKX and ICE Highlight Growing Institutional Competition

Perpetuals.com’s initiative follows a reported joint venture between OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Their involvement illustrates how companies with different backgrounds are positioning themselves to participate in the development of blockchain-based securities infrastructure.

The competitive landscape brings together cryptocurrency platforms with experience in digital-asset trading and established exchange operators with existing market infrastructure and institutional relationships. Their approaches may differ in distribution, custody, trading access, and integration with traditional brokerage systems.

Although the two reported initiatives signal growing commercial interest, the number of companies pursuing tokenized stock marketplaces remains an insufficient measure of adoption. Trading volumes, the range of available securities, participation by regulated intermediaries, and the depth of secondary-market liquidity will provide more meaningful indicators of commercial progress.

SEC Framework Places Regulation at the Center of Adoption

Regulatory clarity is likely to be a decisive factor in determining how tokenized equity markets develop in the United States. Securities represented on a blockchain may still be subject to existing securities laws, depending on their structure and the activities performed by the platform. Questions surrounding investor eligibility, custody, disclosure, trading oversight, and settlement must therefore be addressed alongside the technology itself.

An exemption can provide a pathway for qualifying activities under specified conditions, but its