[Block Rhythm] On June 17, Paul Grewal, the Chief Legal Officer of a certain trading platform, revealed that they are actively applying to the SEC for a no-action letter or exemption to launch traditional stock trading services based on Blockchain. Tokenized stocks will enable T+0 Settlement, 24/7 trading, and lower costs, but currently, U.S. investors are still prohibited from participating. This move will directly challenge traditional brokers like Robinhood and Charles Schwab, while the competitor of this platform has already launched the xStocks service in Europe, Asia, and Africa, which includes over 50 types of tokenized stocks and ETFs.
A marketplace is continuing to expand its non-crypto asset footprint following last week's launch of an American Express co-branded credit card and Shopify/Stripe's USDC payment partnership. During its IPO attempt in 2021, it attempted to issue tokenized COIN shares but was rejected by the SEC. The platform was sued by the SEC in 2023 for not registering, and the lawsuit was dropped earlier this year, but it still does not have a broker-dealer license.
If the application from this trading platform is approved, it will break down the liquidity barriers between the traditional equity market and the crypto market, potentially accelerating the SEC's process of formulating the "Security Token Classification Guidelines."
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CryptoCross-TalkClub
· 7h ago
New plan for playing people for suckers, both fragrant and exciting.
Reply0
LiquidityWitch
· 7h ago
dark pools summoning their final form... the old guard's monopoly ritual is about to break
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PerpetualLonger
· 7h ago
It should have been opened long ago, the last wave to increase the position before dawn.
A trading platform applied to launch a tokenized stock trading service to challenge the traditional brokerage model
[Block Rhythm] On June 17, Paul Grewal, the Chief Legal Officer of a certain trading platform, revealed that they are actively applying to the SEC for a no-action letter or exemption to launch traditional stock trading services based on Blockchain. Tokenized stocks will enable T+0 Settlement, 24/7 trading, and lower costs, but currently, U.S. investors are still prohibited from participating. This move will directly challenge traditional brokers like Robinhood and Charles Schwab, while the competitor of this platform has already launched the xStocks service in Europe, Asia, and Africa, which includes over 50 types of tokenized stocks and ETFs.
A marketplace is continuing to expand its non-crypto asset footprint following last week's launch of an American Express co-branded credit card and Shopify/Stripe's USDC payment partnership. During its IPO attempt in 2021, it attempted to issue tokenized COIN shares but was rejected by the SEC. The platform was sued by the SEC in 2023 for not registering, and the lawsuit was dropped earlier this year, but it still does not have a broker-dealer license.
If the application from this trading platform is approved, it will break down the liquidity barriers between the traditional equity market and the crypto market, potentially accelerating the SEC's process of formulating the "Security Token Classification Guidelines."