Perpetuals.com subsidiary Kephas published a 34-page notice describing a tokenized securities venue it plans to operate under the SEC’s temporary conditional exemption. The official venue page says trading has not begun and identifies the proposed settlement network as Kronos X Public, a permissionless, Ethereum-compatible Layer 2.
The venue would pair tokenized National Market System stocks with an eligible digital asset, initially expected to be a form of USDC, inside permissioned automated market-maker pools. Verified participants would retain control of their wallets and authorize transactions themselves, while access to the pools would remain restricted.
The exemption does not make the venue a registered national securities exchange or alternative trading system. Perpetuals states that the SEC has not approved the merits or accuracy of its notice, that Regulation NMS would not apply, and that fair-access protections associated with registered exchanges and ATSs would not cover the venue in the same way. Operating outside the exemption’s conditions could still trigger enforcement.
The project follows an earlier filing by the OKX and Intercontinental Exchange joint venture. CoinDesk reported that Perpetuals could begin in mid-November at the earliest, after technical and compliance work. Its chief executive previously led FTX Europe, but the proposed tokens differ from the price-linked stock products offered before FTX’s collapse because the current SEC framework requires equivalent shareholder rights.
TOKEN RECON ASSESSMENT
The primary notice is a concrete operating blueprint, not a launch. The decisive evidence will be deployed contracts, eligible securities, custody and redemption mechanics, participating liquidity providers, cybersecurity review and the first settled trade. The exemption creates room to test market structure, but its reduced protections make disclosure quality and operational controls central to the risk assessment.
Sources: Perpetuals venue notice, CoinDesk, Reuters.
