Robinhood Markets Inc.
Tenev wrote in an X article that we are in the "early innings of a global tokenization supercycle." However, he expressed disappointment that tokenized stocks have yet to become available in the U.S., despite growing mainstream interest.
Notably, Robinhood launched tokenized stocks for its European customers last year, with the highlight being blockchain-powered equities of companies like OpenAI and SpaceX.
Tenev said Robinhood's stock tokens are fully backed by the underlying securities and give holders exposure to dividends.. He argued that this distinction misses the point of what tokenization brings to the table.
He expected regulatory progress to support more sophisticated token structures, potentially allowing tokenized stocks to "carry the full rights of traditional shares."
Tenev Doesn't Want Americans to be Left Behind
Tenev further emphasized that tokenization could provide additional benefits, such as real-time settlement, native 24/7 trading, and giving people more control over their assets.
The CEO urged policymakers in the U.S. to "move quickly" to modernize the rules to enable tokenized stock trading.
"It would be a strange outcome if the rest of the world could build the future of ownership around American assets while Americans themselves were left behind," he said.
Notably, the SEC is preparing to launch a framework for trading blockchain versions of popular Wall Street-listed stocks.
The so-called "innovation exemption" proposal aims to give qualified firms a regulatory sandbox, a limited window to issue and trade tokenized securities on-chain under lighter-touch compliance conditions, while still operating under SEC oversight.
The Broader Goal
Tenev's advocacy for stock tokenization aligned with his earlier statements about broadening retail participation in financial markets. Last month, he expressed his desire for every American to have exposure to the U.S. stock market.
During Robinhood's second-quarter earnings call last month, Tenev said the firm seeks a "durable" foundation for the cryptocurrency industry in the U.S. and views the CLARITY Act as a step toward that goal.
Price Action: Robinhood shares fell 0.49% in after-hours trading after closing 4.90% lower at $91.53 during Tuesday's regular trading session, according to data from Benzinga Pro.
Benzinga's Edge Stock Rankings indicate that HOOD stock maintains a stronger price trend over the medium term, while underperforming in the short and long terms.
