Coinbase is seeking approval from the Securities and Exchange Commission (SEC) to offer blockchain-based stocks, according to a Reuters interview. According to the crypto exchange’s chief legal officer Paul Grewal, Coinbase is looking to offer “tokenized equities” to its customers in the form of these stock shares.

The move would allow Coinbase to offer stock trading via blockchain technology effectively. This service is already offered by retail brokerages including Robinhood (HOOD) and Charles Schwab (SCHW). The concept is a “huge priority,” Grewal said in an interview with Reuters this week.

Currently, tokenized equities are not available for trading in the United States. However, several firms are experimenting with offering these products. Coinbase rival Kraken said last month that it is launching tokens of U.S. equities, called xStocks, which will be available in select markets outside the United States. This paves a path for bringing these blockchain-based stocks to the US if the concept is eventually approved by the SEC. The regulator has yet to comment publicly on Coinbase’s pitch, though.

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Coinbase Continues Big June

Coinbase has made several big announcements in June already. Its EU MiCA license applications are nearing completion, and at the time of writing, it is in a prime position for European market entry. Furthermore, the crypto exchange introduced its first branded credit card in partnership with American Express last week. Cardholders will be able to earn between 2% and 4% back in bitcoin, beginning this fall, and take advantage of experiences, protections, and other benefits that are offered alongside the American Express network.

A no-action letter would be issued by SEC staff in response to a request from a company like Coinbase, saying that the SEC would not object to a certain offering and would not recommend an enforcement action if a firm were to move forward with that offering. Paul Grewal did not say if Coinbase had already submitted an official request to the SEC or when a potential product launch might happen.

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“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,” Grewal added.