According to a report by Reuters on Tuesday, Coinbase's Chief Legal Officer Paul Grewal stated that the company is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer users "tokenized stock" trading, which could compete with other trading platforms like Robinhood. Grewal reportedly called the plan a "major priority" for Coinbase.
As of June, products like tokenized stocks are not yet tradable in the U.S. However, U.S.-based digital asset companies have provided similar services to non-residents through partnerships. Cryptocurrency exchange Kraken announced plans to launch tokenized U.S. stock trading in May.
Since the Trump administration took office in January, Coinbase and other U.S. cryptocurrency companies seem to be facing a more favorable political, legal, and regulatory environment. In February, the SEC withdrew its enforcement action against Coinbase initiated in 2023.
If the SEC approves Coinbase's plan to offer tokenized stocks, it is likely to issue a "no-action letter," indicating its intention not to take enforcement action against the company. Grewal reportedly did not disclose whether the exchange has submitted a request to the SEC regarding this matter.
At the time of the report, Coinbase is expected to obtain a license to operate in the EU under the European Union's Markets in Crypto-Assets Regulation (MiCA). Additionally, the exchange is under significant scrutiny as a group of cybercriminals reportedly bribed some of Coinbase's support agents outside the U.S. to obtain user data, leading to multiple phishing attempts.
As of the time of publication, Coinbase's stock (COIN) was trading at $252.20, down about 3.6% in the past 24 hours. The company joined the S&P 500 index in May, becoming the first U.S. cryptocurrency company to do so.
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Original: “Report says Coinbase seeks SEC approval for 'tokenized stocks'”
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