Robinhood's stock token products are currently under scrutiny by EU regulators. Previously, OpenAI warned investors that the so-called OpenAI tokens launched by the digital brokerage do not represent any equity in the company.
OpenAI's warning prompted the Bank of Lithuania to initiate an investigation. This institution is the main regulator for Robinhood in the region.
According to a report by CNBC on Monday, Bank of Lithuania spokesperson Giedrius Šniukas stated that the bank is "waiting for Robinhood to clarify the stock token products related to OpenAI and SpaceX."
Šniukas said, "We can only assess the legality and compliance of these specific instruments after receiving and evaluating the relevant information."
Robinhood's tokenization business peaked on June 30, when the company launched a layer-two blockchain supporting its securities token offerings aimed at the EU market. The brokerage stated that it plans to issue over 200 U.S. stock and exchange-traded fund (ETF) tokens to European investors.
However, the focus of market controversy is on Robinhood's issuance of private equity tokens for unlisted companies, primarily OpenAI and SpaceX. Cointelegraph pointed out that OpenAI has made it clear that these tokens do not represent equity in the company.
As noted by Galaxy Research, these equity tokens are essentially "derivatives that provide indirect risk exposure to the underlying assets."
Like other brokerages, Robinhood is actively competing for a share of the rapidly expanding tokenization market, which is estimated to exceed $24 billion.
Although some industry insiders, such as Plume CEO Chris Yin, have questioned the market size due to difficulties in data tracking, large institutions like BlackRock and Franklin Templeton have entered the space.
A recent report from RedStone indicated that tokenization is gaining attention in the private credit market, driving development by lowering entry barriers and enhancing settlement efficiency and liquidity. The report shows that private credit and U.S. Treasury bonds are currently the biggest driving forces behind tokenization.
At the recent Tokenize This conference held in New York, industry executives believed that stock tokenization alone could bring market opportunities worth trillions of dollars.
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Original: “Robinhood's OpenAI and SpaceX Private Equity Tokens Encounter EU Regulation”
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