Overview
- Perpetuals filed a public notice saying its Delaware subsidiary, Kephas Corporation, intends to operate a tokenized securities venue under the SEC’s five‑year Innovation Exemption.
- The company proposes permissioned automated market‑maker (AMM) liquidity pools on its Kronos X public layer‑2 that pair each tokenized U.S. share with a form of USDC.
- Perpetuals told reporters that trading could start only after the required issuer 30‑day notice period expires and after market‑data, compliance and smart‑contract security work are finished.
- The filing makes Perpetuals the second known applicant after the OKX–ICE joint venture and highlights early competition as crypto firms and legacy market operators test the SEC’s pilot.
- The SEC’s order requires token holders to have the same dividend and voting rights as ordinary shareholders, a change from 2021 stock‑token products that lacked voting rights and were later withdrawn, and Perpetuals also disclosed modest assets, a fiscal loss, and a separate plan for large tokenized commodity issuances.