Nasdaq-listed Perpetuals.com, led by former FTX Europe head Patrick Gruhn, has filed notice to operate a tokenized U.S. equities trading platform under the U.S. Securities and Exchange Commission's (SEC) new five-year "innovation waiver" framework. This makes it the second company, after OKXICE – a joint venture between OKX and NYSE parent company ICE – to seek this waiver. The waiver allows specific markets to trade U.S. equities on public blockchains without registering as traditional securities exchanges, but requires tokens to possess the same shareholder rights as common stock (including dividends and voting rights). Perpetuals.com's U.S. market will be operated by its Delaware subsidiary, Kephas Corporation, with initial plans to trade tokenized U.S. equities paired with USDC via licensed automated market maker (AMM) liquidity pools on the Kronos X Public blockchain. Trading could begin as early as mid-November.