Coinbase seeks to obtain SEC approval to trade Blockchain -based stocks

Paul Ghrouwal, chief legal official in CoinbaseHe said Reuters The company was seeking to get the green light from the Security and Stock Exchange Committee for the new product, adding that the distinctive stocks were “tremendous priority”.

When asked about an additional comment, Coinbase confirmed the news to Fortune, and referred to additional Social media yet From Grewal, in which he wrote: “Sexy? Yes. Secgov The markets should be able to open the distinctive securities. Distinctive debts, stocks and investment funds are an opportunity for the organization designed for securities that are presented and traded through the original original methods. ”

Follow Grewal that With a link To Mars’s response from Coinbase to SEC inquiries requests entries from the public on how to organize the encryption space. The 41 -page company’s response focused on the Supreme Education Council on the progress of discussions on distinguished stocks, among other things.

SEC did not respond immediately luckRequest to comment.

“Avatar property rightsHe refers to an investment product where a A circulating company for the public It is converted to a Digital code It can be traded on Blockchain, as if it were a form of encrypted currency. This would allow customers to circulate these “stocks” around the clock, as Blockchain transactions can occur at any time of the day instead of regular trading hours in Wall Street.

Avatar has long been a target for Coinbase. The company first tried to bring digital shares to the market in 2021, in the same year that its first year offer was presented, by issuing a symbolic version of its own shares, the financial manager at Coinbase Alicia Haas He said In March this year. She added that the plan was stopped by the SEC Chairman during the reign of Biden Gary Ginsner, but under a different presidential administration that has converted to the encryption industry, Coinbase will renew its pushing for symbolic shares.

“I now think that our American organizers are looking to create products and look forward to moving forward,” she said. “I am now excited because we may be able to re -engage these conversations with the SEC work band, so that we can provide the distinctive symbols of security.”

Most of the companies that offer securities trading should be registered as two controls, such as the Morgan Stanley E*or FIDELITY, which is not Coinbase. Jarwal said that one way to receive Coinbase to obtain approval from SEC to submit symbolic stocks is by requesting a “non -procedure speech.” This would be a way to pledge SEC that it will not object to the stock icon, or to recommend an enforcement procedure.

Jarwal said: “With the absence of a work letter, a source of symbolic ownership rights or a platform can have to provide secondary trading in those shares some confidence and some comfort, and that the Supreme Education Council has adopted its point of view on the reason for compliance with this product.”

It is not clear whether Coinbase seeks to obtain approval of symbolic securities through the “lack of procedure” or through some other legal means.