The SEC has granted a five-year innovation exemption for tokenized U.S. stock platforms. Eligible platforms can trade real tokenized U.S. stocks on-chain via a licensed AMM without needing to register as a traditional securities exchange. This is a direct boost for Robinhood. It has already launched tokenized U.S. stocks in Europe and has U.S. brokerage users, stock liquidity, a crypto wallet, and Robinhood Chain. Once the policy loosens, this business model could enter the U.S., linking U.S. stock trading, on-chain settlement, and collateralized lending. However, HOOD already experienced a major rally last year, with its market cap now exceeding $100 billion. The upside is real, but the valuation isn’t exactly cheap.