Story
21X Taps Ray Tierney as CEO for US Push into Tokenized Securities
Summary
European digital asset firm 21X Group is seeking US regulatory approval to operate a broker-dealer and an alternative trading system for tokenized securities, appointing capital markets veteran Ray Tierney as CEO of its US entity.
European financial market infrastructure firm 21X Group is expanding into the United States, seeking regulatory approval to launch a broker-dealer and an alternative trading system (ATS) for tokenized securities. The company has appointed capital markets veteran Ray Tierney as CEO to lead its US subsidiary, 21X LLC.
U.S. Expansion and Leadership
21X LLC's application marks the group's first expansion outside of Europe, where its parent company, 21X AG, operates a regulated trading and settlement system for digital assets. The proposed US entity aims to run an alternative trading system (ATS), a regulated venue that would allow institutional clients to trade securities issued on a blockchain.
Ray Tierney will spearhead the US operations. His appointment signals the company's intent to build an offering specifically tailored to US regulatory requirements and market structure, pending the necessary approvals.
Strategic Rationale
The move is driven by what 21X Group perceives as a favorable regulatory shift in the world's largest capital market. Max Heinzle, Founder and CEO of 21X Group, cited “recent regulatory advances in the US - opening the way for tokenized securities trading and stablecoin adoption” as the primary catalyst for the expansion.
“The US is fast becoming the most vibrant environment anywhere for tokenized securities,” Heinzle stated in the announcement. Tierney added that the “embrace of tokenization has only just begun,” making it an “exceptional time to launch a blockchain market infrastructure in the US.”
AdEuropean Precedent
21X Group will leverage its experience in Europe, where its 21X AG entity operates what it calls the first authorized distributed ledger technology trading and settlement system (DLT TSS) in the European Union. That platform operates under the oversight of Germany's BaFin and the European Securities and Markets Authority (ESMA).
The company's existing infrastructure in the EU supports:
- Wallet-based trading
- Atomic on-chain settlement
- Smart contract-based issuance of tokenized stocks, bonds, and funds
The firm plans to adapt this technology for the US market. It is important to note that the company's plans are subject to pending US regulatory approvals. According to the press release, 21X LLC is not currently a registered broker-dealer or a member of the Financial Industry Regulatory Authority (FINRA).
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