Common casesAccording to reports Charles Schwab.
Paul Grewal, Chief Legal Officer Common cases,Tell Reuters The company is seeking approval from the new product safety and exchange committee, adding that token stocks are a “huge priority.”
When asked for other comments, Coinbase confirmed the news and pointed out that Social Media Posts He wrote from Grewal: “Exciting? Yes. Yes. @secgov The market should be able to unlock tokenized securities. Tokenized debt, equity and investment funds provide opportunities for securities tailored to provide and trade through digital local approaches. ”
Grewal follows this With links From Coinbase’s March response to the SEC inquiry, asking the public how to regulate the cryptocurrency space. The company’s 41-page reaction to the SEC focused on improving its discussion around token stocks.
SEC did not respond immediately wealthMake a request for comment.
“Token Stock“Refers to an investment product Publicly traded companies Be converted to Digital Token Trading can be done on the blockchain as if it were a form of cryptocurrency. This will allow customers to trade these “stocks” throughout the day, as blockchain transactions can be conducted at any time of the day instead of regular Wall Street trading hours.
Symbol stocks have always been Coinbase’s long-term goal. The company first tried to bring digital stocks to market with its IPO in 2021 and issued a token version of its own stock, Coinbase’s chief financial officer Alesia Haas explain March this year. She added that the plan was suspended by Biden-er-SEC Chairman Gary Gensler, but Coinbase will re-push its push to mark stocks under another presidential administration that adopts the cryptocurrency industry.
“I now believe our U.S. regulators are looking for product innovation and looking to move forward,” she said. “I’m now happy that we can re-engage these conversations with the SEC’s task force and we may be able to come up with security tokens.”
Most companies that offer stock exchanges must register as brokerage dealers, such as Morgan Stanley’s E*Trade or Fidelity, which Coinbase is not. One way Coinbase gets SEC approval to provide token stocks is to require “no action letter”, Greval said. This would be a way for the SEC to assure that it would not object to tokenized securities, or to recommend the execution of the lawsuit.
“If there is no action letter, a platform that is a token equity issuer or wants to offer secondary transactions in these stocks can have confidence, some comfort, to show the SEC’s view on why this product is compliant,” Greval said.
It is not clear whether Coinbase is seeking approval for tokenized securities through “no action letter” or other other legal means.
