The U.S. Securities and Exchange Commission (SEC) announced that three companies—Tokenized Stock Venue, Perpetuals.com, and OKX—have submitted plans to operate venues for trading tokenized stocks. This development follows a new SEC rule introduced in September that offers a five-year exemption to platforms facilitating the trade of tokenized equities. The regulator clarified that submission of these plans does not automatically mean the firms meet all regulatory requirements.
OKX, alongside Intercontinental Exchange, was among the first to file with the SEC to launch tokenized securities trading on a new platform called OKXICE. Tokenized stocks leverage blockchain technology to enable 24/7 trading capabilities, a feature proponents argue upgrades traditional finance infrastructure. While major digital asset legislation faced delays in Congress during September, the SEC has continued advancing its regulatory framework for crypto assets.
This shift reflects a broader change in the SEC’s stance under President Donald Trump and Chair Paul Atkins, who have expressed intentions to modernize securities oversight for the blockchain era and position the U.S. as a global crypto hub. This contrasts with the previous administration’s enforcement-heavy approach. Traditional financial institutions like BlackRock and Franklin Templeton have already utilized blockchain rails for money market funds, while S&P Dow Jones Indices recently approved a derivative contract on decentralized exchange Hyperliquid.
The SEC’s acceptance of applications from Tokenized Stock Venue, Perpetuals.com, and OKX signals a tangible move toward integrating blockchain-based equity trading into regulated markets. By offering a five-year exemption, the regulator is creating a sandbox environment that allows innovation without immediate full compliance burdens, potentially accelerating the adoption of 24/7 stock trading mechanisms. However, the explicit disclaimer that filing does not guarantee approval highlights the remaining regulatory hurdles these entities must clear.
From a Market Structure perspective, this development underscores the competitive pressure traditional exchanges face from crypto-native platforms. OKX’s partnership with Intercontinental Exchange suggests a hybrid model where established financial infrastructure collaborates with digital asset firms to capture the efficiency gains of tokenization. If successful, this could normalize continuous trading hours for equities, challenging the rigid schedules of legacy markets and forcing incumbents to adapt their operational models to remain relevant.
