American investors still do not have access to tokenized stocks. Robinhood CEO Vlad Tenev insists: this is a key barrier that must be removed to modernize the U.S. financial system. In his view, tokenization is not just a technological trend, but a fundamental tool for renewing the capital market.
SEC is slowing the process, while the market is already moving forward
Tenev made this statement against the backdrop of federal regulators effectively freezing the development of rules for the circulation of tokenized securities. The Securities and Exchange Commission (SEC) has still not issued a special exemption for such assets, making their legal circulation in the U.S. impossible. It is precisely this, the Robinhood CEO emphasizes, that prevents the company from developing this direction.
It is telling that market participants are already actively moving to blockchain solutions, and regulators should not block the process, but rather adapt norms to new realities without weakening investor protection. Tenev warns: if lawmakers continue to delay, the U.S. risks ceding leadership to other jurisdictions, and the consequences will affect not only 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 stated.
Robinhood lags behind amid explosive market growth
While U.S. regulators deliberate, the global market for tokenized stocks is showing impressive momentum. According to RWA.xyz monitoring, as of August 19, $2.4 billion had been invested in such assets — the volume grew by 6.6% over the month. The number of holders jumped by 101% to 1.4 million, and the monthly transfer volume increased by 197%, reaching $24.3 billion.
Against this backdrop, 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 — the blockchain infrastructure is ready for scaling. Only one question remains: will Washington manage to adopt the necessary norms before the market is finally shaped without the participation of American players.
My view: the situation resembles the early days of ETFs — regulator delay only intensifies competitive pressure on domestic participants. If the SEC does not speed up, the U.S. risks not just losing market share, but losing its role as a standard-setter in the new financial paradigm. Investors should closely monitor developments — the stakes here are higher than ever.