American investors remain on the sidelines of the tokenized stocks market. Robinhood CEO Vlad Tenev insists: the time for radical change has come. In his view, tokenization is not just a technological trend, but the only real chance to modernize the outdated financial infrastructure of the United States.
The statement came at a critical moment when federal regulators have effectively frozen the development of rules for the circulation of tokenized securities on the blockchain. This pause creates a dangerous vacuum that the market is filling on its own—but without U.S. participation.
SEC stalls while the market gains momentum
Tenev emphasizes: tokenized stocks remain inaccessible to Americans, and this is the main brake on Robinhood's strategy to develop such instruments. The reason is simple—the Securities and Exchange Commission (SEC) has not yet issued a special exemption from the rules that would legalize their circulation.
It is this regulatory barrier that the Robinhood chief considers critical. He notes: market participants are already actively moving to blockchain solutions, and regulators need to adapt the rules to new realities without weakening investor protection.
"Tokenization is the best way to modernize the U.S. financial system and make ownership participation accessible to everyone, including Americans," Tenev said.
According to him, if lawmakers continue to delay, the U.S. risks falling definitively behind other jurisdictions. Moreover, the consequences will extend far beyond the financial sector.
Robinhood lags amid explosive market growth
Significantly, the market is developing even without U.S. participation. According to RWA.xyz data, as of August 19, $2.4 billion had been invested in tokenized stocks—up 6.6% over the month. The number of holders jumped 101% to 1.4 million, while monthly transfer volume surged 197% to $24.3 billion.
Robinhood ranks only sixth among platforms—$32.2 million across 191 assets. Ondo leads with $882.9 million, followed by xStocks with $561.7 million and bStocks with $532.2 million.
Technically, the solution already exists. One question remains: will Washington manage to adopt the rules before the market is fully formed without American participants?
My view: the SEC's delay is not just bureaucratic inertia, but a strategic mistake. While the U.S. debates the details, capital and liquidity are flowing to jurisdictions with more progressive regulation. If Washington does not speed up, American investors risk remaining observers in the new financial paradigm rather than its beneficiaries.