Coinbase is seeking SEC approval for ‘tokenized equities’

If approved by the US regulator, the investment offering could have Coinbase competing against other stock trading platforms.

Cryptocurrency exchange Coinbase is reportedly looking for the green light from US financial regulators to offer tokenized stock trading to its users.

According to a Tuesday Reuters report, Coinbase’s chief legal officer, Paul Grewal, said the company was seeking Securities and Exchange Commission (SEC) approval to offer “tokenized equities,” potentially competing with other trading platforms like Robinhood. Grewal reportedly said the plan was a “huge priority” for Coinbase.

As of June, tokenized equities such as stocks are not available for trading in the US. However, US-based digital assets companies have been able to offer similar services to non-residents through partnerships. Crypto exchange Kraken announced a plan to launch tokenized US stock trading in May.