The SEC o de allows qualifyi g TSVs to facilitate t adi g i toke ized NMS stocks th ough pe missio ed automated ma ket make s a d liquidity pools without egiste i g as a atio al secu ities excha ge, a d gives liquidity p ovide s that commit p op ieta y capital to those pools a co ditio al exemptio f om deale egist atio . Ve ues that believe they meet the co ditio s p ovide otice to the Commissio befo e begi i g ope atio s.
Fo P imeDelta, the o de co ve ts a lo g-sta di g st ategic thesis i to a defi ed egulato y pathway. The Compa y has spe t 3 yea s buildi g the compo e ts the f amewo k equi es, i cludi g i vesto ide tity, qualified custody co ectivity, automated liquidity pools, digital settleme t a d o chai sha eholde ights, as o e i teg ated platfo m athe tha as sepa ate p oducts f om sepa ate ve do s.
- A defi ed U.S. ma ket with a five-yea u way. The SEC has, fo the fi st time, set out co ditio s u de which toke ized ve sio s of listed U.S. stocks ca t ade o chai th ough automated liquidity pools, with elief u i g five yea s f om publicatio .
- I f ast uctu e al eady built, ot o a oadmap. P imeDelta’s platfo m al eady i teg ates toke izatio , ide tity a d pe missio i g, b oke -deale co ectivity, qualified custody co ectivity, liquidity pools, t adi g, settleme t, sha eholde egist y, divide ds, voti g a d payme ts.
- Multiple ways to pa ticipate i the ma ket. The f amewo k touches seve al P imeDelta busi ess li es at o ce: ve ue tech ology, liquidity i f ast uctu e, custody a d b oke -deale co ectivity, dUSD settleme t a d P imeDelta Pay fiat ails.
- Regulated pa t e s i place. P imeDelta wo ks with A cho age fo qualified custody a d egulato y i f ast uctu e a d with egulated b oke -deale i f ast uctu e fo executio co ectivity.
“Last Thu sday the SEC d ew the bluep i t fo how U.S. stocks ca t ade o chai . Ou job ow is executio , a d we a e sta ti g f om a platfo m that al eady cove s the full lifecycle, f om a ve ified i vesto to a divide d payme t,” said Jaso Lake, P eside t a d Chief Executive Office of P imeDelta Co p. “Most compa ies i this space ow o e o two pieces of that chai . We built all of them i to a si gle i f ast uctu e, a d that is why we see the I ovatio Exemptio as a oppo tu ity ac oss ou e ti e busi ess, ot a si gle p oduct lau ch.”
The I ovatio Exemptio is co ditio al. The table below sets out the p i cipal co ditio s desc ibed i the SEC’s o de alo gside the P imeDelta capabilities that add ess them.
| P imeDelta DEX liquidity-pool i f ast uctu e, with access gated by ve ified ide tity at the t a sactio level | O chai sha eholde egist y li ked to the u de lyi g secu ity, with automated divide ds a d dist ibutio s a d built-i sha eholde voti g a d co po ate actio s | KYC/KYB a d i vesto pe missio i g embedded i the blockchai a chitectu e, so eligibility is e fo ced befo e a t ade settles, ot afte | Qualified custody co ectivity th ough P imeDelta’s pa t e ship | Regulated b oke -deale co ectivity Pool a chitectu e desig ed fo i stitutio al liquidity p ovide s, ma ket make s a d b oke -deale s to pa ticipate | P imeDelta Chai a d deployed sma t co t acts a e available th ough the compa y’s chai explo e . | P imeDelta Chai a d deployed sma t co t acts a e available th ough the compa y’s chai explo e . |
A toke ized sha e is o ly useful if eve ythi g a ou d it wo ks: who is allowed to hold it, whe e the u de lyi g stock is kept, how buye s a d selle s fi d liquidity, how the t ade settles, a d how divide ds a d votes each the ight holde . Today those fu ctio s typically sit with diffe e t p ovide s, a d eve y ha d-off adds cost, delay a d ope atio al isk.
P imeDelta i te ds to:
- Complete its assessme t of the TSV co ditio s with secu ities cou sel a d egulated pa t e s a d, whe e app op iate, p epa e the otice equi ed befo e comme ci g ope atio s.
- Expa d discussio s with b oke -deale s, liquidity p ovide s a d issue s o pa ticipatio i P imeDelta’s toke ized secu ities i f ast uctu e.
Ope ati g u de the exemptio equi es satisfyi g its co ditio s, i cludi g limits o the umbe of secu ities a d t adi g volume. The exemptio ope ates o a otice basis; the SEC does ot app ove i dividual ve ues. P imeDelta has ot yet p ovided otice to the SEC a d is ot cu e tly ope ati g a TSV.
P imeDelta Co p. is a fi a cial tech ology compa y lau chi g a Laye 1 blockchai a d t adi g ecosystem fo toke ized secu ities, digital assets, a d global capital ma kets. Th ough its p op ieta y i f ast uctu e, i cludi g the DEL toke a d dUSD stablecoi , P imeDelta aims to u ify t aditio al fi a ce a d dece t alized ma kets i to a seamless, complia t t adi g e vi o me t.
This p ess elease co tai s “fo wa d-looki g stateme ts” a d “fo wa d-looki g i fo matio ” withi the mea i g of applicable secu ities laws (collectively, “fo wa d-looki g stateme ts”). Fo wa d-looki g stateme ts i clude stateme ts ega di g P imeDelta Co p.’s (“P imeDelta” o the “Compa y”) busi ess st ategy, pla s a d futu e ope atio s; the developme t, lau ch, adoptio a d comme cial pote tial of its p oducts, platfo ms a d blockchai i f ast uctu e; a ticipated pa t e ships a d ma ket oppo tu ities; a d the Compa y’s ability to obtai , mai tai o ope ate u de applicable egist atio s, lice ces, exemptio s o app ovals.
I pa ticula , this elease co tai s fo wa d-looki g stateme ts ega di g P imeDelta’s p oposed pa ticipatio i the SEC’s I ovatio Exemptio f amewo k, its assessme t of the equi eme ts applicable to a Toke ized Secu ities Ve ue (“TSV”), its i te tio to p epa e a d submit a y equi ed otice to the SEC, a d the pote tial developme t a d ope atio of toke ized secu ities t adi g i f ast uctu e. P imeDelta has ot p ovided otice to the SEC to ope ate a TSV a d is ot cu e tly ope ati g a TSV. A y futu e ope atio will depe d o , amo g othe thi gs, completio of the Compa y’s legal a d egulato y assessme t, satisfactio of applicable co ditio s a d e gageme t with egulated pa t e s a d cou te pa ties.
Fo wa d-looki g stateme ts a e based o ma ageme t’s cu e t expectatio s, assumptio s a d beliefs a d a e subject to k ow a d u k ow isks a d u ce tai ties that may cause actual esults to diffe mate ially f om those exp essed o implied. These i clude egulato y cha ges a d i te p etatio s, tech ological a d cybe secu ity isks, ma ket co ditio s, competitio , elia ce o thi d pa ties, executio isks a d the Compa y’s ability to successfully develop, lau ch, scale a d comme cialize its p oducts a d se vices. The e ca be o assu a ce that P imeDelta will satisfy the applicable co ditio s, p ovide the equi ed otice, comme ce TSV ope atio s o achieve the a ticipated adoptio o comme cial esults.
Reade s a e cautio ed ot to place u due elia ce o fo wa d-looki g stateme ts. Except as equi ed by applicable law, P imeDelta u de takes o obligatio to update o evise a y fo wa d-looki g stateme ts to eflect eve ts, ci cumsta ces o cha ges i expectatio s afte the date of this elease.
P imeDelta Co p.
