US investors remain locked out of tokenized stocks, and Robinhood CEO Vlad Tenev wants that changed. In a Tuesday post, he pitched tokenization as the best path to modernizing the American financial system.
His post landed while federal regulators paused efforts to define how tokenized securities can trade on blockchain rails inside the United States.
SEC Pauses as Tokenized Stock Market Expands
Tenev noted that Stock Tokens are not yet available in the US. He called that absence the one glaring gap in the company’s tokenization push.
The door stays shut because the rules have not moved. The Securities and Exchange Commission (SEC) has not published its innovation exemption for tokenized equities.
Tenev framed the absence of US access as a key obstacle. He added that market participants are already shifting toward blockchain-based financial systems, but regulators need to update existing rules to accommodate the technology without weakening investor protections.
The executive warned that the US risks falling behind other jurisdictions if policymakers fail to move quickly, arguing that the implications extend well beyond the financial sector.
“Tokenization is the best path to modernizing the American financial system and expanding the dream of ownership to all–Americans included,” he said.
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Robinhood Trails Rivals in the Market It Wants Opened
Meanwhile, the market keeps growing without America. Tokenized stocks held $2.4 billion in distributed value as of August 19, up 6.6% over 30 days, according to RWA.xyz. Holders climbed 101% to 1.4 million, while monthly transfer volume rose 197% to $24.3 billion.
Robinhood ranks sixth among platforms with $32.2 million across 191 assets. Ondo leads at $882.9 million, followed by xStocks at $561.7 million and bStocks at $532.2 million.
The technology question may be settled for now. What remains is whether Washington writes rules before the market decides without it.
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