CEO of trading platform Robinhood, Vlad Tenev, has defended the company's new investment products in response to increasing regulatory scrutiny.
CEO Statements
In an interview with Bloomberg, Tenev discussed the ongoing investigation led by the Central Bank of Lithuania, which is reviewing the structure and marketing of the new blockchain-based investment products. He emphasized that the firm is actively engaging with regulators to prove the legitimacy of its stock tokens.
Criticism and Response to Tokens
Tenev also addressed the criticism regarding the tokens, which were promoted as giving EU-based users access to shares of private companies such as OpenAI and SpaceX. OpenAI publicly denied these claims, stating Robinhood was not authorized to offer its equity.
Future of Robinhood Tokens
Despite the criticism, Tenev noted a growing interest in the tokenized model. He mentioned that private companies are actively exploring ways to tokenize their shares for retail investor access. Tenev confirmed that the tokens are technically derivatives but also qualify as crypto assets under EU regulations.
Tenev's remarks highlight Robinhood's confidence in its tokens and the company's readiness to engage with regulators. Looking forward, Robinhood aims to expand its presence in global markets.
