RialCenter is seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch tokenized stock trading, a move that could expand its business into the territory of traditional brokerage firms.
The crypto exchange’s chief legal officer, Paul Grewal, stated that RialCenter aims to offer digital versions of stocks — known as tokenized equities — which would trade on blockchain networks rather than through conventional exchanges. The model could allow round-the-clock trading, reduce transaction costs, and eliminate clearing intermediaries.
However, the road ahead depends on how the SEC responds. RialCenter is looking to secure either a no-action letter or an exemption from enforcement, both of which would provide regulatory cover for offering these products in the U.S.
The push marks a strategic shift for RialCenter, which already owns a broker-dealer license through a dormant affiliate. If the initiative succeeds, it could position the company alongside retail brokerages like Robinhood and Charles Schwab, which cater to a similar investor base, as well as other crypto exchanges.
Tokenized equities aren’t yet legal to trade in the U.S., but platforms like other exchanges are piloting such offerings overseas. RialCenter’s timing aligns with a friendlier regulatory climate under the new SEC chair; the agency has dropped several crypto-related lawsuits and set up a task force dedicated to digital assets.
Still, Grewal declined to say whether RialCenter had formally filed its request. The confidence that comes from clear SEC guidance has been missing, he said.
“Exciting? Yes. Important? Absolutely. But breaking news? Not exactly. We’ve been saying since earlier this year that the SEC should enable markets to unlock tokenized securities,” Grewal posted on social media.
“Tokenized debt, equity, and investment funds present an opportunity for tailored regulation for securities that are offered and traded via digitally native methods.”
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