Robinhood CEO Acknowledges OpenAI Crypto Stock 'Controversy'—But Is Doubling Down
Main Idea
Robinhood's CEO Vlad Tenev discusses the company's unauthorized tokenized stock initiative, including OpenAI, and responds to regulatory concerns from the SEC.
Key Points
1. Robinhood launched a giveaway of tokens representing stock in private companies, including OpenAI, issued on Ethereum layer-2 network Arbitrum.
2. The OpenAI stock token was not authorized by OpenAI, leading to pushback from the company.
3. Robinhood CEO Vlad Tenev emphasized the milestone of tokenizing stocks and expressed commitment to expanding the initiative despite regulatory challenges.
4. The SEC issued a statement clarifying that tokenized securities are still securities and must comply with existing regulations.
5. Tenev acknowledged the SEC's general warning but stated Robinhood is working within the regulatory framework.
Description
Vlad Tenev said Robinhood is dead set on expanding its tokenized stock offerings, despite warnings from the SEC about the novel asset class.
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