Online reports that Coinbase is seeking approval from the U.S. Securities and Exchange Commission to issue blockchain-based stocks in the United States. If approved, the move would allow Coinbase to provide traditional blockchain-based stock trading, which would put it in the face of competition with brokerages such as Robinhood and Schwab Financial. Paul Grewal, Coinbase's chief legal officer, described the move as a "top priority" and revealed that Coinbase was seeking a no-action letter or exemption from the U.S. Securities and Exchange Commission, which once obtained means that if Coinbase continues to issue tokenized stocks, regulators 'staff will not take enforcement action. Paul Grewal declined to say whether Coinbase had formally filed a request with the U.S. Securities and Exchange Commission or provided a launch timetable. It was previously reported that Coinbase sought approval from the US SEC to provide blockchain-based shares.