Robinhood Tokenization Story: Dates on SEC, Data Disagree
Cointelegraph and CoinTurk News EN report the same Tenev remarks and Q3 figures but give conflicting years for the SEC’s tokenization exemption and the Binance Research market snapshot.
Cointelegraph and CoinTurk News EN report the same Tenev remarks and Q3 figures but give conflicting years for the SEC’s tokenization exemption and the Binance Research market snapshot.
What all sources agree on
- Robinhood CEO Vlad Tenev said uncertainty over long-term US tokenization rules could deter investors from committing significant assets to tokenized markets.
- Tenev welcomed the SEC’s innovation exemption but said more rule-making or legislation is needed for longer-term certainty.
- Tenev stated: “As far as the innovation exemption goes, I think it’s a really positive step… I do think more needs to be done to give people a little bit of certainty because as we talk to customers, I think the uncertainty of what happens in five years is likely to be an impediment to, like, putting serious assets onto this technology.”
- Microsoft, Alphabet and Goldman Sachs were among 16 companies that objected to their shares being offered on the proposed OKXICE venue.
- AMC CEO Adam Aron criticized Robinhood’s tokenized stock products.
- Binance Research projects the tokenized equities market could grow to $349 billion by 2030 under its base-case scenario.
- Robinhood offers around 200 stock tokens on Robinhood Chain, structured as tokenized debt securities without full shareholder rights like dividends and voting.
- This structure keeps the products outside the SEC’s innovation exemption, which requires equivalent rights including dividends and voting.
- Robinhood plans to launch private-company stock tokens overseas, subject to regulatory arrangements, while still working on a US path given accreditation constraints.
- Robinhood reported a 55% year-on-year fall in cryptocurrency revenue to $120 million in Q3.
- Crypto notional trading volume declined 38% to $50 billion.
- Event-contract revenue rose sixfold to $173 million, with contracts traded increasing more than sevenfold to 16.4 billion.
- Total net revenue rose 12% to a record $1.42 billion, below analyst expectations.
- Adjusted earnings per share came in at $0.60, missing estimates by 4 cents.
Where the reports disagree
1Year the SEC opened its temporary path for onchain stock trading
despite the securities regulator opening a temporary path for onchain stock trading this year.
despite the Securities and Exchange Commission opening a limited window for onchain stock trading in 2024.
What would settle it: The SEC’s own public filing or order announcing the innovation exemption, which would show the date it took effect.
2Date of the $4.43 billion tokenized equities market valuation cited from Binance Research
from $4.43 billion as of Sept. 15.
up from $4.43 billion reported on September 15, 2023, under its base-case scenario.
What would settle it: The original Binance Research report or dataset specifying the date of its $4.43 billion tokenized equities market snapshot.
What to make of it
Treat Tenev’s quoted remarks and Robinhood’s Q3 financial figures as consistently reported; the specific year attached to the SEC exemption and the date behind the $4.43 billion Binance Research figure differ between the two reports and are unresolved pending the primary SEC and Binance Research documents.
Treat Tenev’s quoted remarks and Robinhood’s Q3 financial figures as consistently reported; the specific year attached to the SEC exemption and the date behind the $4.43 billion Binance Research figure differ between the two reports and are unresolved pending the primary SEC and Binance Research documents.
Original source: AltcoinGordon
Syndicated coverage. Originally reported by altcoingordon.com.
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