OpenAI has officially denied any involvement with Robinhood's newly launched tokenized stock products, clarifying that these tokens do not represent actual company shares.
OpenAI's Disavowal of Robinhood Tokens
In its statement, OpenAI emphasized that the tokens do not signify actual equity in the company and that any legitimate transfer of OpenAI equity would necessitate explicit approval, which has not been granted. The company posted on the social platform X, stating:
> "These 'OpenAI tokens' are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it."
Robinhood's Response to OpenAI's Statement
In response, Robinhood defended its product, stating that its tokenized offerings are based on shares held through a special purpose vehicle (SPV). This structure allows Robinhood to track real-time stock prices on blockchain while offering users exposure through digital tokens, positioning this as part of a broader mission to expand retail access to financial products.
Legal and Regulatory Issues of Tokenized Stocks
The situation raised legal and ethical questions regarding tokenized equities, especially for private firms. Experts point out that many private companies, including OpenAI, hold "right of first refusal" clauses that restrict the transfer or resale of shares without company consent. While the SEC acknowledges the potential of tokenization, industry groups like SIFMA have raised concerns, urging the SEC to reject tokenized equities that bypass transparent public offering processes.
OpenAI's response serves as a critical reminder of the need to adhere to legal and ethical standards in the evolving world of digital assets.
