Tokenization of stocks is the key to modernizing the U.S. financial system: opinion of the Robinhood CEO
American investors remain cut off from the market for tokenized stocks, and this is a serious brake on the development of the country's entire financial ecosystem. Robinhood CEO Vlad Tenev said the current situation requires immediate reconsideration and called tokenization the optimal tool for modernizing the outdated capital market infrastructure.
This statement came at a time when federal regulators have effectively frozen the development of rules for the circulation of tokenized securities on the blockchain in the United States. While the SEC drags its feet on a decision, the market continues to grow actively, and every month of delay widens the gap between the U.S. jurisdiction and global trends.
SEC stalls, while the market gains momentum
Tenev emphasizes that tokenized stocks remain inaccessible to Americans, which is the main obstacle in Robinhood's strategy to develop such instruments. The reason is simple — the Securities and Exchange Commission has still not issued a special exemption for tokenized stocks that would legalize their circulation. It is this barrier that the platform's head considers critical.
According to him, market participants are already actively moving to blockchain solutions, and regulators need to adapt rules to new technologies without sacrificing investor protection. If lawmakers continue to delay, the U.S. risks falling completely behind other countries, and the consequences will be felt far beyond the financial sector.
"Tokenization is the best way to modernize the U.S. financial system and make ownership participation accessible to everyone, including Americans," Tenev said.
Robinhood lags amid rapid growth
It is telling that 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, and the monthly transfer volume increased 197% to $24.3 billion.
Robinhood ranks only sixth among platforms with $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 — only one question remains: will Washington manage to adopt the rules before the market is finally formed without American participants.
My analysis: The SEC's delay is not just a bureaucratic hold-up but a strategic mistake that could cost the U.S. leadership in a new class of assets. While regulators debate, capital and liquidity are flowing to jurisdictions with a more progressive approach. If Washington does not speed up, American investors risk being left as spectators in a market they themselves created.