Ex-FTX Europe Chief Pursues SEC Tokenized Stock Exemption
Perpetuals.com becomes second firm to chase a U.S. tokenized equity marketplace under the SEC's new framework.
Nasdaq-listed Perpetuals.com, led by former FTX Europe chief Patrick Gruhn, filed for a U.S. Securities and Exchange Commission exemption as of October 2026 to operate a tokenized stock trading marketplace — making it only the second company to pursue this route under the SEC's new framework, according to CoinDesk.
Why It Matters
Tokenized stocks — blockchain-based representations of real equity — could fundamentally change how retail and institutional traders access public markets, combining crypto's settlement speed with regulated equity exposure. The SEC's new exemption pathway signals a meaningful regulatory shift after years of enforcement-first posturing toward crypto-financial hybrids. For iGaming and crypto-native investors, this opens a plausible near-term route to trading tokenized shares of companies like Nasdaq-listed operators without traditional brokerage friction. Competition is already forming: OKX and Intercontinental Exchange (NYSE's parent company) announced a joint venture targeting the same space, meaning Perpetuals.com faces a well-capitalised rival from day one.
Context
The SEC's willingness to grant structured exemptions for tokenized equity marketplaces marks a departure from its historically cautious stance on crypto-linked securities products. Gruhn's FTX Europe background adds credibility risk alongside operational experience — FTX's 2022 collapse still shadows executives connected to the exchange, and regulators and counterparties will scrutinize that lineage closely. As of October 2026, Perpetuals.com holds a Nasdaq listing, giving it public-market accountability that purely private crypto ventures lack.
What's Next
Perpetuals.com must clear SEC review of its exemption application before launching any trading product; the OKX-ICE joint venture sets the competitive clock ticking. Watch for SEC commentary on the exemption timeline and any institutional partnership announcements from Perpetuals.com that signal distribution reach.
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