Perpetuals.com Ltd published a notice on October 14, 2026 of its intent to offer tokenized U.S. stock trading under the SEC's five-year Innovation Exemption framework for National Market System stocks.
The SEC introduced a five-year Innovation Exemption framework on September 17, 2026, allowing qualified venues to trade tokenized National Market System stocks on public blockchains without registering as traditional exchanges.
Perpetuals.com CEO Patrick Gruhn co-founded Digital Assets AG, which developed early stock-linked tokens in 2021 for Binance and FTX before being acquired by FTX Group.
Under the SEC Innovation Exemption framework, tokenized shares must carry full dividend and voting rights, target companies receive 30 days to object, and venues must satisfy a 30-day notice period, transparency, recordkeeping, and technology safeguards.
Perpetuals.com's U.S. tokenized stock marketplace will be operated by its Delaware-based subsidiary, Kephas Corporation.
OKXICE filed plans under the SEC exemption to offer round-the-clock trading for more than 60 tokenized U.S. stocks.
Patrick Gruhn led FTX Europe following FTX Group's acquisition of Digital Assets AG until the crypto exchange group collapsed in November 2022.
The agreement between Perpetuals.com and Datavault AI covers five physical commodity programs expected to roll out in phases.
Liquidity pools on Perpetuals.com are planned to pair each tokenized U.S. stock with Circle's USDC stablecoin, with trading potentially starting in mid-November 2026 at the earliest.
Perpetuals.com is the second firm to file under the SEC Innovation Exemption, following a filing by OKXICE, a joint venture between exchange OKX and Intercontinental Exchange.
The founding team of Perpetuals.com developed pre-IPO contracts in 2021 for companies including Coinbase, Airbnb, and Robinhood.
Perpetuals.com plans to conduct trading through permissioned automated market maker liquidity pools on Kronos X Public, an Ethereum-compatible layer-2 blockchain developed by the company.
Perpetuals.com partnered with Datavault AI to list tokenized physical commodity programs targeting over $300 million across assets such as gold, copper, and geothermal energy.
