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SEC Registered Broker-Dealer Is Launching a Security Token-Friendly Platform
As a registered broker-dealer, Watchdog Capital said it is in a position to offer a whole host of SEC-exempted offerings for security tokens.
By Paddy Baker
Updated Sep 14, 2021, 9:35 a.m. Published Jul 23, 2020, 5:19 p.m.
A broker-dealer registered with the Securities and Exchange Commission (SEC) is preparing to launch Gladius, a regulatory-compliant platform that can be used for security tokens.
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- Georgia-based Watchdog Capital said Thursday that issuers would be able to use Gladius to offer security tokens.
- In a statement, Watchdog said Gladius could provide companies with more access to capital as well as better opportunities for investors.
- Gladius, which has been built to be compatible with existing U.S. securities laws, is currently in beta mode.
- Bruce Fenton, CEO of Watchdog's parent Chainstone Labs, told CoinDesk Gladius plans to host the first offering in the next three months.
- As Watchdog is a registered broker-dealer, Fenton said Gladius can be used for SEC-exempted offerings, including crowdfunds.
- Watchdog has to approve each offering; certain Reg A offerings may also need approval from the SEC.
- The broker-dealer does not have the appropriate licenses to offer secondary trading or custodial services on Gladius.
- The platform is blockchain-agnostic and can also be used to issue paper equity – investors can either pay in fiat or cryptocurrencies.
- Fenton said his company believes it's the only broker-dealer launching such a platform in the U.S. at this time.
- He added that security tokens may well open up a new regulated investment avenue for companies in the decentralized finance space.
See also: Mauritius Releases Guidance for Regulated Security Token Offerings
EDIT (July 27, 09:25): A few details have been edited for added clarity; a previous version of this article said Watchdog Capital was based in New Hampshire.
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