Johan Kerbrat, Senior Vice President and General Manager of Robinhood for Crypto and International Business, stated in an interview with The Block at Korea Blockchain Week 2026 that the company continues to navigate the innovative SEC exemption for U.S. tokenized stocks. He described the document as lengthy and noted that it sets limits on the volume and types of assets that can be tokenized.
"We are still trying to understand all the parameters," Kerbrat said. "There are limits on the volume and on what assets we can tokenize. If you look at our stock token trading volume, it is already quite high and will hit some of these limits."
On September 17, the SEC issued a five-year exemption allowing certain U.S. platforms to trade tokenized versions of listed stocks without registering as an exchange—provided there are caps on tickers and volume, and the requirement that tokens confer the same rights as the underlying stocks. Platforms must notify issuers, who may object.
"The most important signal from this exemption is that the SEC wants to move towards tokenization and understands its benefits," Kerbrat noted. "We continue to promote the adoption of stock tokens and broader coverage of U.S. stocks and ETFs."
Robinhood Stock Tokens are issued as debt securities through a Jersey structure, available in over 120 countries via the Robinhood Wallet, but not offered to U.S. users. Kerbrat and Robinhood CEO Vlad Tenev mentioned earlier this month that they would bring natural form redemption and voting rights to stock tokens. Kerbrat clarified that this was planned even before the public dispute with AMC Entertainment CEO Adam Aron and that natural form redemption was discussed at an event in London on July 1. "Part of the criticism from the AMC CEO, if you look into it, is mostly a marketing ploy. We stand by the legal structure of our systems," he said.
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