27.06.2025 21:39
Dinari, a decentralized finance (DeFi) protocol specializing in tokenized securities, has achieved a significant milestone: securing a broker-dealer license from the U.S. Securities and Exchange Commission (SEC). This authorization allows Dinari to offer American users a platform for trading tokenized stocks, marking a pivotal moment for on-chain securities trading within the United States.
The SEC's approval, announced amidst burgeoning interest in on-chain commodities and securities throughout 2025, establishes Dinari as the first U.S.-regulated platform enabling the on-chain trading of both stocks and exchange-traded funds (ETFs). According to Reuters, the platform's U.S. launch is expected in the coming months, following a collaborative process with the SEC.
Further solidifying its position in the market, Dinari concurrently announced a strategic partnership with Gemini, a prominent centralized exchange. This collaboration will initially provide European Gemini users access to tokenized MSTR (MicroStrategy) stock, with plans to expand the offering to encompass additional tokenized stocks and ETFs in the near future.
This development signifies a notable shift in regulatory sentiment towards cryptocurrencies under the current administration. The SEC's actions, including the dismissal of numerous pending investigations and legal proceedings against established DeFi and crypto firms, stand in stark contrast to previous policies. While certain regulatory adjustments, such as the approval of perpetual futures and the retraction of ambiguous broker-dealer accusations, were anticipated, the green light for tokenized stock trading was a surprising, yet welcome, departure from prior practices.
This represents a dramatic reversal from the SEC's previously hostile stance toward tokenized securities, exemplified by the subpoena issued to Mirror Protocol in November 2021 following an exploit. The move comes as other major players, including Coinbase and Hyperliquid, are reportedly developing their own tokenized securities platforms, and follows the recent unveiling of Opening Bell, a similar platform launched by Robert Leshner, founder of Superstate and Compound. Dinari, operational since 2021, facilitates the trading of dShares, which maintain a one-to-one backing with the underlying assets. This landmark approval positions Dinari at the forefront of a rapidly evolving landscape within the burgeoning world of tokenized assets.
