Dinari, a San-Francisco startup that converts conventional equities into digital tokens, has obtained broker-dealer registration for its subsidiary, making it the first platform cleared to offer tokenized U.S. stocks to domestic investors. The approval, confirmed on 26 June, came from the Financial Industry Regulatory Authority and positions Dinari to open trading in the coming months, subject to final coordination with the Securities and Exchange Commission. The licence will allow Dinari to list “dShares” — blockchain-based representations of equities and exchange-traded funds — on partner platforms rather than through a direct retail brokerage. Chief Executive Officer Gabriel Otte said the goal is an end-to-end on-chain market structure, beginning with legally compliant tokenized shares. Tokenizing equities is touted as a way to cut trading costs, speed settlement and enable round-the-clock markets, and larger crypto firms are moving toward similar offerings. Coinbase has asked the SEC for permission to sell tokenized stocks, and Kraken last month announced plans for overseas equity tokens. Analysts caution that secondary-market liquidity and consistent standards remain hurdles before blockchain-based equities gain broad adoption.