Robinhood CEO Vlad Tenev says uncertainty over the future of US stock tokenization rules could deter investors from committing substantial assets, despite a temporary regulatory pathway for onchain stock trading.

Key Takeaways

  • Tenev welcomed the SEC exemption but said further rulemaking or legislation would be needed for longer-term certainty.
  • Robinhood’s existing stock tokens are structured differently from the securities covered by the exemption.
  • The company plans to launch private-company stock tokens overseas, subject to regulatory arrangements.

Stock tokenization and the SEC exemption

Speaking on Robinhood’s third-quarter earnings call on October 27, 2026, Tenev called the SEC’s innovation exemption a positive step. But he said customers’ uncertainty about what happens in five years could impede their willingness to put serious assets onto the technology.

The SEC’s temporary trading exemption, announced on September 17, provides conditional relief for venues trading certain tokenized stocks. The exemptions are set to expire five years after publication, and the regulator has requested comments on possible changes and next steps.

Tenev said Robinhood hoped to share more about its own US tokenization plans in the near future. He did not give a date.

How Robinhood’s tokens differ

Robinhood offers around 200 stock tokens on Robinhood Chain. They are backed by underlying shares but structured as tokenized debt securities, providing economic exposure without the same shareholder rights as conventional stock.

That structure falls outside the SEC exemption, which requires covered tokenized stocks to provide holders the same rights and privileges as equivalent traditional shares.

Tenev said Robinhood intends to launch private-company stock tokens overseas, subject to regulatory arrangements. In the US, the company is working to find a path that satisfies existing accreditation constraints.

Crypto revenue declined in the third quarter

Robinhood’s cryptocurrency revenue fell 55% year over year to $120 million in the third quarter, while crypto notional trading volume declined 38% to $50 billion.

By contrast, event-contract revenue rose sixfold to $173 million. Total net revenue increased 12% to a record $1.42 billion.

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