SEC Puts 3 Firms On Public List For Tokenized Stock Trading

The SEC has put three planned online stock trading firms on a public tokenized securities venue list, giving investors and rivals a first real window into who wants to sell digital shares.

Key Takeaways

• The SEC posted a live webpage listing three firms that said they intend to operate under the tokenized securities venue framework
• The page lists TSV LLC, OKXICE TSV and Kephas Corporation doing business as Perpetuals.com with submission dates from Sept. 23 through Oct. 14
• The SEC says inclusion on the list does not mean a business qualifies as a TSV or has passed staff review
• Venues must post a TSV notice on their website 30 calendar days before operating and send the SEC written notice within one business day

The SEC posted the update on X, then directed readers to a new agency page run by the Division of Trading and Markets. That page lists TSV LLC, OKXICE TSV and Kephas Corporation, doing business as Perpetuals.com, with submission dates from Sept. 23 through Oct. 14.

The page matters because it turns a September exemptive order into an operational process.

A tokenized securities venue is a trading business that aims to handle blockchain-based representations of securities under a limited SEC relief framework rather than a full exchange registration path.

TSV Exemption Starts Filling In

The SEC page does not approve any of the three firms. It says inclusion on the list does not mean a business qualifies as a TSV, meets all exemption conditions or has passed staff review.

That caveat is the real story inside the story.

The agency is building a public notice board, not handing out licenses.

The page says a venue must post a TSV notice on its own public website at least 30 calendar days before operating. Within one business day, it must also send written notice to the SEC with contact details and the notice location.

That process gives lawyers, rival venues and market participants a fixed place to watch.

It also gives the SEC a lighter-touch disclosure channel while it tests whether tokenized securities trading can fit inside existing federal market rules.

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From September Order To October Queue

Tuesday’s list follows the SEC’s Sept. 17 innovation exemption order, which opened a narrow path for venues dealing in tokenized securities. Before that order, firms had little public guidance on how the staff wanted notices presented or where interested parties could track them.

That is why the page is more than clerical.

The SEC has now shown the first operating rhythm for this experiment, notice first, waiting period second, operation only after that clock runs.

The public list also starts to create competitive pressure. Once one firm posts a TSV notice, others can compare disclosures, risk language and technical claims instead of guessing from speeches or enforcement settlements.

How The tokenized securities venue 30-Day Notice Clock Works

The TSV exemption works more like a public filing window than a green light.

A firm such as OKXICE TSV must first publish a notice on its own site, then send the SEC a separate written notice within one business day. The SEC posts the firm’s name and date, but keeps saying the staff does not pass on the merits.

For firms such as Perpetuals.com, that design changes the burden.

Under a full exchange path, a company faces a heavier approval process before opening. Under the TSV exemption, the immediate job is disclosure, waiting 30 calendar days and staying inside the order’s conditions.

For tokenized securities builders, the next thing to watch is whether any of the three firms publish fuller notices, and whether the list grows before November.

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