Robinhood CEO Tenev: US tokenization uncertainty deters serious assets

Tenev's point cuts against the common assumption that tokenization's bottleneck is technology or demand: it is legal durability. The distinction matters most for issuers of substantive assets, who weigh a temporary exemption against the compliance risk of building products that could be unwound by a change in posture. Robinhood's own tokenized-equity ambitions make the comment a signal of where industry lobbying is likely headed. The open question is whether US regulators move from ad hoc relief to a durable framework, or whether tokenized real-world assets keep gravitating to jurisdictions with clearer rules.