Frankfurt/New York, United Kingdom - September 29th, 2026
21X Group has initiated the process to secure U.S. regulatory authorizations that would allow a newly formed entity, 21X LLC, to operate as a U.S. broker-dealer and to run an alternative trading system (ATS) enabling subscribers to trade tokenized securities. Concurrent with the filing effort, the company announced that Ray Tierney, a seasoned capital markets executive, will serve as CEO of 21X LLC and oversee the firm's U.S. operations.
The application to become a broker-dealer and to operate an ATS marks 21X Group's first formal expansion beyond its European base, where 21X AG operates a regulated trading and settlement system for tokenized securities. The company said it will leverage the experience and market infrastructure developed in Europe to build a U.S. product that is adapted to American regulatory expectations and market structure, subject to the outcome of pending U.S. approvals.
Leadership and strategic rationale
Max Heinzle, founder and CEO of 21X Group, framed the effort as part of a broader ambition to establish tokenized issuance, trading and settlement as a mainstream market infrastructure. In his comments, Heinzle noted recent regulatory developments in the United States that he said have opened a pathway for trading tokenized securities and for stablecoin adoption. He described the U.S. as an increasingly vibrant environment for tokenized securities and said the organization aims to help make on-chain issuance, trading and settlement the standard for capital markets.
"Our ambition has always been global. Recent regulatory advances in the US - opening the way for tokenized securities trading and stablecoin adoption - are what led 21X Group to enter this dynamic capital market. The US is fast becoming the most vibrant environment anywhere for tokenized securities. Seeking US regulatory approvals to form a broker-dealer that will operate an ATS - and establishing our presence in the country, with Ray Tierney leading it - are key elements in our ambition to help make on-chain issuance, trading and settlement of tokenized securities the standard for how capital markets operate."
Ray Tierney, who will head the U.S. operation, said the current period of infrastructure development presents an important opportunity to shape how tokenized capital markets are built in the United States. He emphasized the timing and the long-term implications of infrastructure choices for which firms will participate as tokenized markets evolve.
"The USs embrace of tokenization has only just begun, and with it the significant infrastructure shift - which makes this an exceptional time to launch a blockchain market infrastructure in the US. And the infrastructure decisions being made now will determine which firms have a seat at the table as tokenized capital markets mature. I am excited to establish the new rails of capital markets as part of 21X LLC in the US."
European operations and technology
21X Group said its European affiliate, 21X AG, operates the first fully regulated trading and settlement system for tokenized securities in the European Union. The company highlighted that its EU infrastructure is overseen by BaFin and ESMA and is designed to operate across multiple distributed ledger networks while meeting the regulatory requirements of the markets in which it functions.
According to materials from the group, 21X AG's platform enables wallet-based trading and atomic on-chain settlement through smart contract-based issuance, trading and settlement of tokenized stocks, bonds and funds. The firm noted that on September 8, 2025, 21X AG opened the first authorized distributed ledger technology trading and settlement system (DLT TSS) in the EU, a milestone the group cites as positioning it to support a transition from conventional to tokenized asset-based capital markets.
Regulatory and legal status
The company made explicit that 21X LLC is not currently a registered broker-dealer under the U.S. Securities Exchange Act of 1934 or under applicable state laws in the United States and is not a member of the Financial Industry Regulatory Authority, Inc. As a result, the announcement clarifies that the release and its contents do not constitute an offering or invitation to buy, sell or subscribe for securities or any banking, investment, insurance or other products or services to U.S. Persons, as defined by federal securities laws. The communication was reviewed by FINRA, the company said.
Group structure and presence
21X Group described itself as an international financial market infrastructure organization building regulated, tokenized capital markets. The group currently comprises 21X AG and 21X Service GmbH in Europe, and 21X LLC and 21X USA LLC in the United States, the company said.
Corporate contact and web resources
The organization provided online contact points for additional information: a corporate website at https://www.21x.eu/ and a LinkedIn page at https://www.linkedin.com/company/21x/. The head of PR and marketing listed for contact is Richie MacTaggart, with an email at [email protected] and a phone number of +44 7828173419.