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SEC lists three firms seeking to operate tokenized securities venues under innovation exemption

The U.S. Securities and Exchange Commission disclosed that TSV LLC, OKXICE TSV, and Kephas Corporation have filed notices of intent to run tokenized securities venues under its new innovation exemption.

Screenshot of the SEC Innovation Exemption webpage listing TSV LLC, OKXICE TSV, and Kephas Corporation d/b/a Perpetuals.com with their submission dates.
Image: @Cointelegraph

Three firms have filed notices with the U.S. Securities and Exchange Commission declaring their intent to operate tokenized securities venues under the agency's Innovation Exemption, according to an SEC registry. The public listing includes TSV LLC, OKXICE TSV, and Kephas Corporation d/b/a Perpetuals.com, following an exemptive order issued by the commission on September 17, 2026.[1][3]

SEC records show TSV LLC submitted its notice on September 23, 2026, followed by OKXICE TSV on October 4, 2026, and Kephas Corporation on October 14, 2026. Under the framework, venues must publish a notice on their website at least 30 calendar days prior to launching operations and notify the SEC within one business day of that publication.[1][3]

According to journalist Eleanor Terrett, TSV LLC is owned by Obsidian Systems co-founders Ali Abrar and Ryan Trinkle, the latter of whom serves on the Canton Foundation board, with plans to run on Canton Network. OKXICE is a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE) designed to operate on OKX's Ethereum Layer 2 network, X Layer. Kephas Corp., the U.S. subsidiary of Perpetuals.com led by former FTX Europe head Philipp Gruhn, plans to operate on Kronos X Public using permissioned trading pools.[2]

The SEC emphasized that appearing on the registry does not equate to regulatory approval or validation. The regulator explicitly noted that inclusion does not mean an entity meets the definition of a tokenized securities venue under the order or has demonstrated compliance with the conditions of the exemption.[1][2][3]

Key facts

  • The SEC issued an Innovation Exemption Order on September 17, 2026, allowing firms to submit notices of intent to run Tokenized Securities Venues.
  • TSV LLC submitted its notice on September 23, 2026; OKXICE TSV on October 4, 2026; and Kephas Corporation d/b/a Perpetuals.com on October 14, 2026.
  • TSV LLC is owned by Obsidian Systems co-founders Ali Abrar and Ryan Trinkle and plans to deploy on Canton Network.
  • OKXICE is an OKX and ICE joint venture targeting operation on OKX's Ethereum Layer 2, X Layer.
  • Kephas Corp., a U.S. subsidiary of Perpetuals.com led by Philipp Gruhn, plans to run permissioned trading pools on Kronos X Public.
  • The SEC stated that inclusion on its list does not verify that a firm meets the exemption's definitions or regulatory conditions.

Sources 路 3 sources

  1. TB

    The Block@TheBlockCoPost on X 路

    THE BLOCK: SEC lists three firms that have filed notices to operate tokenized securities venues under its Innovation Exemption: TSV LLC, OKXICE TSV, and Perpetuals[dot]com (Kephas Corporation). "Inclusion on the list does not mean that the person meets the definition of 'Tokenized Securities Venue' under the Innovation Exemption Order, nor does it mean that the person has established that it meets the conditions of the TSV Exemption," the SEC noted.

    Open source
  2. ET

    Eleanor Terrett@EleanorTerrettPost on X 路

    馃毃NEW: The @SECGov says three firms have notified the agency of their intent to operate tokenized securities venues, or TSVs, under its new innovation exemption. 馃搶TSV LLC is owned by Ali Abrar and Ryan Trinkle, co-founders of Obsidian Systems. Trinkle also sits on the @CantonFdn board. TSV plans to operate on @CantonNetwork. 馃搶OKXICE is a joint venture between @okx and @ICE_Markets. It plans to operate on X Layer, OKX鈥檚 Ethereum Layer 2. 馃搶Kephas Corp. is @Perpetuals_com鈥檚 U.S. subsidiary, led by founder @PGruhnPDC, the former head of FTX Europe. Its venue plans to run on Kronos X Public, a public, permissionless Layer 2, using permissioned trading pools. The SEC says inclusion on the list doesn鈥檛 mean a firm has met the exemption鈥檚 conditions.

    Open source
  3. CO

    Cointelegraph@CointelegraphPost on X 路

    馃嚭馃嚫 LATEST: The SEC reveals three firms, TSV LLC, OKXICE TSV and Perpetualscom, have filed to run tokenized securities venues under its new Innovation Exemption. https://t.co/dVhLyog5PO

    Open source