The recent launch of Robinhood's tokenized stocks, including tokens for OpenAI and SpaceX, has immediately drawn attention from experts and users. Discussions about legality and the lack of real ownership have become central to the discourse.
Features of Robinhood Tokenized Stocks
Robinhood's tokenized stocks are blockchain-based contracts pegged to the value of real stocks. Users receive contracts without voting rights. All transactions are conducted in U.S. dollars converted from euros for a small fee. However, tokens cannot be transferred to external wallets, raising questions about the decentralization of the assets.
Critique of the Tokenization Model
The tokenization model has faced criticism from DeFi proponents. Some experts argue that such contracts represent a 'walled garden' since their exchange and validation occur solely through Robinhood's internal registry. It is clarified that these tokens do not represent actual equity and are technically legal but might raise legal questions.
Market of Tokenized Stocks: Future and Risks
The launch of tokenized stocks in Europe may encounter difficulties in the U.S. without SEC approval. Experts warn that such tokens could be classified as securities requiring full disclosure. Despite this, Robinhood's shares rose sharply in price, indicating growing interest in the tokenized stock market.
The launch of Robinhood's tokenized stocks represents a significant step in equity tokenization, though its legality and transparency remain in question. The future of tokenized assets depends on regulation and the willingness to achieve greater decentralization.
