21X LLC Sought Approval for Tokenized Trading System
The firm is moving to register as a U.S. broker-dealer to facilitate trading for tokenized assets.
Updated on Sept. 29, 2026 in Investing
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21X LLC has initiated the process to obtain regulatory approval to operate an alternative trading system for tokenized securities in the United States. This expansion follows recent regulatory shifts regarding tokenized securities and stablecoin adoption in the American market.
Why it matters
The company aims to leverage technology currently used in its European operations to build an offering tailored to U.S. regulatory standards. This expansion reflects broader industry interest in building infrastructure for digital assets under U.S. oversight.
21X LLC is currently not a registered broker-dealer under the U.S. Securities Exchange Act of 1934 and lacks membership in the Financial Industry Regulatory Authority.
The players
21X LLC
An entity seeking U.S. regulatory status to provide infrastructure for trading tokenized securities.
Ray Tierney
The newly appointed CEO tasked with leading the company's expansion into the U.S. market.
The details
The firm plans to develop a platform specifically designed for U.S. regulatory requirements and market structures, mirroring its current infrastructure in Europe. By applying for broker-dealer status, the company intends to facilitate the trading and settlement of tokenized securities. This transition involves aligning its existing distributed ledger technology with domestic compliance protocols.
Timeline
September 8, 2025: 21X AG launched a DLT trading and settlement system in the EU.
September 29, 2026: 21X LLC announced plans for U.S. expansion and the appointment of a new CEO.
Money Landscape
The application highlights the evolving efforts by financial technology firms to bring tokenized asset platforms into compliance with the U.S. Securities Exchange Act of 1934. This move follows broader regulatory shifts that have increased interest in standardizing digital asset trading.
This development represents a shift toward more institutionalized options for investors interested in tokenized securities within the U.S. market. Investors should monitor how these emerging platforms differentiate their services from traditional brokerages.
The takeaway
The move by 21X LLC highlights the ongoing push to align tokenized trading systems with U.S. regulatory standards. Keep an eye on updates from the Securities and Exchange Commission regarding new broker-dealer registrations to track how these platforms gain legitimacy.
Further reading
For context on how digital assets are integrated into standard portfolios, read more in our guide to Investing.
More information
To review the firm's background and current European operations, visit the 21X company website.
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