Perpetuals.com said on October 14, 2026 that it had published notice of its intent to rely on the U.S. Securities and Exchange Commission’s temporary exemption for Tokenized Securities Venues. The company plans to offer tokenized U.S. equities through what it describes as the SEC’s new five-year Innovation Exemption framework for onchain trading of National Market System stocks.
The SEC fact sheet requires a venue to publish its operating notice at least 30 calendar days before opening and notify the Commission within one business day after publication. The exemption separately requires a venue to verify that a stock token passes through the rights of the equivalent traditional share class, including distributions, votes, proxy materials, and issuer communications.
For a stock token created by an unaffiliated third party, trading cannot start until at least 30 calendar days after the underlying issuer receives notice. A written objection from the issuer during that period blocks the listing. These conditions make Perpetuals’s publication only the first venue-level step. Each third-party token can carry a separate issuer-notice clock before trading begins.
The company announcement is a notice of intent, not a product launch. Perpetuals says completion of a 30-day period after publication and compliance with the exemption’s conditions are among the factors that could affect the plan. It did not name a launch date, list the stocks it expects to support, or identify the blockchain and settlement assets in the announcement.
What Perpetuals says it will offer
Perpetuals describes the planned product as tokenized U.S. equities on its platform. It says the structure would connect digital-asset infrastructure with regulated U.S. stock trading. The announcement attributes four features to the planned equities: 24/7 trading, near-instant settlement, fractional ownership on blockchain rails, and retention of full dividend and voting rights.
Those rights are central to what users would be buying. The announcement presents the tokens as an access and settlement layer for National Market System stocks rather than a synthetic price product. Perpetuals does not explain in the notice who would hold the underlying shares, how voting instructions would pass from token holders to an intermediary, or how dividends would move onchain. It also does not state whether transfers would be limited to wallets that have passed identity and eligibility checks.
Perpetuals says the U.S. plan builds on its existing European tokenization platform. The company also points to a recent agreement to tokenize more than $300 million in physical commodities. That agreement is separate from the U.S. equities notice, but it shows that the company is positioning the proposed stock venue alongside a broader tokenization business rather than as a standalone brokerage feature.
The company traces that work to its founding team. Perpetuals says the team created regulatory-approved tokenized stocks in 2021 and enabled Binance, FTX, and Bittrex to provide round-the-clock stock trading. It also says the team delivered pre-IPO contracts for Coinbase, Airbnb, and Robinhood. These are company statements about the team’s prior work. The notice does not provide the regulatory decisions or product records behind those historical claims.
What the notice does not settle
The practical change is not immediate. Perpetuals still needs to complete the applicable 30-day period after publication and meet the SEC exemption conditions it cites. The company’s forward-looking statement also names regulatory developments, technical implementation, market conditions, and user adoption as uncertainties. It explicitly says the announcement is not a guarantee of future performance.
For prospective users, the missing operating details determine whether the product can function like the company describes. Near-instant settlement requires a defined relationship between the blockchain record and the traditional securities ledger. Dividend and voting rights require procedures for record dates, distributions, corporate actions, and beneficial-owner instructions. The announcement promises those outcomes but does not describe the custody, transfer-agent, or broker-dealer roles that would support them. It does not identify which party would perform any of those functions.
The notice also leaves trading hours and market structure open. Perpetuals says tokenized equities would trade 24/7, while the underlying National Market System stocks trade on regulated market schedules. The company does not say how it would price tokens when primary markets are closed, where overnight liquidity would come from, or what would happen during a trading halt in the underlying security. Those points matter to traders evaluating spreads, execution risk, and redemption access outside U.S. market hours.
Perpetuals identifies itself as a financial technology company combining regulated trading infrastructure and artificial intelligence. It says its technology is used by PM MTF Ltd, an EU-licensed multilateral trading facility operating under MiFID II, MiCA, DORA, and EMIR requirements. The U.S. notice does not say that the European venue will operate the proposed American product. It says only that the U.S. expansion builds on the company’s existing European tokenization platform.
For platforms considering integration, the announcement contains no API details, asset list, fee schedule, eligibility rules, custody model, or supported jurisdictions. For traders, it contains no minimum order size, redemption process, market-maker roster, or treatment of corporate actions. The published facts establish the intended regulatory route and product category. They do not yet establish the venue’s operating design.
The next dated checkpoint is the end of the applicable 30-day period following publication of the Tokenized Securities Venue notice. Perpetuals published its announcement on October 14, but it did not state the precise date on which it considers that period complete. The open question is whether the company will publish the exemption notice, operating entities, custody structure, supported assets, and launch schedule before it begins offering the product.
