Cryptocurrency exchange Coinbase (Nasdaq: COIN) is pursuing regulatory clearance to introduce tokenized stock trading in the United States, Reuters reported on Tuesday, citing the exchange’s chief legal officer, Paul Grewal. The move underscores Coinbase’s growing ambition to leverage blockchain technology beyond cryptocurrencies by offering digital tokens representing shares of publicly traded companies. The approval would enable Coinbase to significantly broaden its product offerings and create new avenues for growth within the digital asset ecosystem.

“Exciting? Yes. Important? Absolutely. But breaking news? Not exactly,” Grewal stated on social media platform X. “We’ve been saying since earlier this year that the SEC should enable markets to unlock tokenized securities.” The Coinbase legal chief added:

Tokenized debt, equity, and investment funds present an opportunity for tailored regulation for securities that are offered and traded via digitally native methods.

He described the initiative as a “huge priority” for Coinbase and emphasized the need for clear regulatory guidance from the U.S. Securities and Exchange Commission (SEC). To offer tokenized equities in the U.S., Coinbase would need a “no-action letter” or exemptive relief from the SEC, ensuring the regulator won’t pursue enforcement if Coinbase proceeds.

Grewal explained: “With a no action letter, an issuer of a tokenized equity or a platform that wishes to offer secondary trading in those equities can have some confidence, some comfort, that the SEC has adopted its view of why this product is compliant.” The Coinbase chief legal officer added:

It’s that confidence that has been lacking so far, and I think really held back a lot of the institutional adoption.

While several firms are experimenting with tokenized equities in foreign jurisdictions, such products remain unavailable for trading in the United States. Kraken recently announced its xStocks platform for tokenized equities outside the U.S. If Coinbase secures approval, it would enter a competitive space that includes established retail brokerages such as Robinhood (Nasdaq: HOOD) and Charles Schwab (NYSE: SCHW).

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