Vlad Tenev Asked Regulators to Green-Light Tokenized Stocks. Robinhood Just Added About $12 Billion in Market Value.
The CEO wants Washington to open a market that barely exists yet. Investors just paid billions for the idea.
Overview
Robinhood (NASDAQ:HOOD) CEO Vlad Tenev called on U.S. regulators Tuesday to set a framework for tokenized stocks (blockchain-based versions of ordinary shares). In a post on X, he argued that the financial system is in the early stages of a global "tokenization supercycle," and that America risks watching it happen from overseas.
The next day, the administration pressed Congress to pass the Clarity Act, the stalled bill that would settle how digital assets are regulated, at a White House meeting with crypto executives. And Bitcoin, up about 24% since Monday in its best week since 2023, was lifting brokerages with crypto exposure at the same time.
Details
Robinhood shares were up about 14% on Friday as of this writing, adding around $12 billion in market value. But what exactly did Friday's buyers pay for?
Source
Originally published at www.fool.com.