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Opinion: Coinbase's application for tokenized stock trading will compete with Robinhood and Schwab

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2025-06-17 15:13:34
Coinbase is seeking approval from the Securities Exchange Commission to issue blockchain-based shares in the United States. If approved, the move would allow Coinbase to offer traditional blockchain-based stock trading, which would put it in competition with brokerages such as Robinhood and Schwab. Paul Grewal, Coinbase's chief legal officer, described the move as a "top priority," while revealing that Coinbase is seeking a no-action letter or waiver from the Securities Exchange Commission (SEC). Once obtained, it means that if Coinbase goes ahead with the issuance of tokenized shares, the regulator's staff will not take enforcement action.
Paul Grewal declined to say whether Coinbase has formally submitted a request to the Securities Exchange Commission or provided a timeline for its launch.
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