Coinbase is reviving its long-held — and perhaps long-forgotten — ambition to bring securitized tokens to the U.S. market, a move that could reshape how traditional assets are traded on blockchain.

The push comes as President Donald Trump’s administration signals a friendlier stance on crypto, evidenced by a wave of dismissals from the U.S. Securities and Exchange Commission — including the regulator’s lawsuit against Coinbase itself. With the SEC’s crypto task force now in place, Coinbase sees an opening to bring tokenized securities to American investors, a vision it once tried — but failed — to execute half a decade ago.

In its original S1 filing, Coinbase included language about its own security token, something the firm’s chief financial officer touched on Tuesday at Morgan Stanley’s TMT Conference.

“I now believe that our U.S. regulators are looking for product innovation and looking to move forward,” CFO Alesia Haas said. “And many of you probably didn't read our first S1 filing back in 2020. But we tried to go public with a security token. We tried to go public on our own products. And we could not, and we ran into brick walls.”

A security token is a digital asset that represents an investment in a venture and often comes with voting or profit-sharing rights. Similar to traditional securities, security tokens leverage blockchain technology to streamline the process of buying, selling, and tracking ownership.

Haas said she’s “excited” that Coinbase might now be able “to reengage those conversations with the SEC's task force, that we may be able to bring forward security tokens.” Under acting Chair Mark Uyeda, the agency created a crypto task force in late January.

“We may be able to bring some international products that exist into the U.S. market that we know are broadly adopted amongst crypto traders around the world,” Haas said. “And so I'm just excited to see innovation in the U.S. and bring more and more assets onchain and be able to trade those in ways that are more efficient.”

Coinbase tried to issue tokenized COIN as part of its S1 process, a source familiar with the matter told The Block, but couldn’t get it over the line with the SEC at the time.

“We would have loved to see a crypto-native version of our stock as the first major crypto company to go public,” the source said. “We're considering a range of options to bring tokenization innovation to traditional financial assets such as securities to make them more efficient and accessible.”

Coinbase has been involved in supporting the launch and management of security tokens on its platform.

“Over time we expect to add other forms of crypto assets, such as security tokens, crypto assets that represent a traditional security,” the company’s S-1 filing in 2020 said. “We will invest in infrastructure and regulatory clarity to pave a path for the digitization of more traditional financial assets to help pave the path for new assets to be represented as crypto assets.”

Coinbase has also developed a Blockchain Token Securities Law Framework to guide developers and users through the regulatory landscape surrounding blockchain tokens and implemented a digital asset monitoring program designed to thoroughly understand crypto projects.

Under former Chairman Gary Gensler’s leadership, the SEC alleged Coinbase operated as an unregistered exchange, broker and clearing agency. Coinbase then filed an appeal, claiming substantial grounds for differences of opinion and arguing that there were vast differences in opinion on how laws apply to crypto. The judge later granted that appeal.

Coinbase CEO Brian Armstrong is one of a select few who will attend President Trump’s crypto summit on Friday.

"I'm also pretty interested in tokenized securities and equities, the traditional securities and equities out there,” Armstrong said last month on the company’s earnings call. “I think that it offers a lot of promise to consumers around being able to trade 24/7."

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