On July 7th, despite opposition from OpenAI, Robinhood still launched its tokenized stock product at a high-profile event in Cannes last week, and defined the disputed OpenAI private equity token as a derivative. Bernstein analysts pointed out that the company is betting on SEC policy support and the passage of the CLARITY Act to open up the tokenized asset market.

Bernstein analysts believe that although the dispute between Robinhood and OpenAI has attracted attention, improvements in the regulatory environment will drive the arrival of an "equity tokenization wave." Although private companies including OpenAI and SpaceX already have non-public market liquidity, there is still a strong demand for tokenizing illiquid private equity assets. "Robinhood has successfully attracted widespread market attention to the concept of tokenization through this release. The company will continue to optimize its products and is committed to building a trading platform for listed and unlisted company stocks for the global and US markets (once regulations are ready)." [BlockBeats]

Bernstein: Improved regulatory environment will drive the arrival of the "equity tokenization wave"