Robinhood CEO Vlad Tenev warned that the U.S. risks losing its leadership in next-generation financial market infrastructure to overseas rivals unless regulators quickly establish a framework for tokenized stocks. Writing on X, Tenev said global markets have entered the early stages of a 'tokenization supercycle' and called on U.S. regulators to open a path for tokenized equities to enter the regulated financial system. He argued tokenization is not merely putting stocks on a blockchain but rebuilding the infrastructure underpinning asset ownership, enabling real-time settlement, 24-hour trading, and seamless asset transfers between financial firms. He cited the 2021 GameStop episode, when Robinhood restricted purchases after clearinghouses sharply raised collateral demands, as evidence that the current settlement system places heavy strain on brokers.
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