Robinhood Stock Tokens Hit SEC Caps, Perpetual Futures to Launch in US
Robinhood's crypto chief, Johann Kerbrat, says the company's stock token volume is already high enough to hit caps set by the SEC's innovation exemption for tokenized U.S. equities.
The exemption, issued on September 17, allows certain U.S. venues to trade tokenized versions of listed stocks without registering as exchanges, subject to caps on symbols and volume.
Kerbrat described the exemption as a 'long document' that sets limits on volume and which assets can be tokenized, and said Robinhood is still working to understand the parameters.
He noted that the SEC's signal with the exemption is that they want to work towards tokenization and understand its advantages, and that Robinhood is continuing to push towards more adoption of stock tokens.
Robinhood's stock tokens are available in over 120 countries through Robinhood Wallet, but are not offered to U.S. users, and the company plans to bring in-kind redemption and voting rights to stock tokens.
Kerbrat also discussed Robinhood's plans to bring crypto perpetual futures onshore, with eight cryptocurrencies to be traded, and noted that the company's options business already supports multi-leg strategies.