Coinbase Global Inc. has applied to the U.S. Securities and Exchange Commission for permission to list and trade “tokenized equities,” blockchain-based versions of traditional stocks, according to a Reuters interview with the company’s chief legal officer, Paul Grewal. Grewal said the initiative is a “huge priority” for the exchange, which will need either a no-action letter or other exemptive relief from the SEC before launching the service in the United States. The company argues that settling trades on blockchain infrastructure could improve efficiency and broaden investor access. If the regulator grants approval, Coinbase would move into direct competition with retail brokerages such as Robinhood and Charles Schwab, further blurring the line between digital-asset platforms and traditional securities markets.