Robinhood, a financial brokerage and cryptocurrency exchange, faces scrutiny in the EU for offering tokenized equities of OpenAI, which disavowed ties to these assets. The Bank of Lithuania, Robinhood’s main EU regulator, has requested clarification on the legality and structure of the OpenAI and SpaceX tokens after OpenAI warned investors against these illusory offerings. OpenAI emphasized that it did not endorse or partner with Robinhood and requires approval for any equity transfers. Launched on June 30, Robinhood’s Stock Tokens are blockchain derivatives that mimic the prices of publicly traded stocks, providing indirect exposure to U.S. markets without actual share ownership. While OpenAI and SpaceX remain private entities, their assets may circulate in secondary markets. Robinhood asserts that these tokens enable retail investors to access private markets through a special purpose vehicle. The situation highlights the complexities of tokenized assets and regulatory compliance in the evolving financial landscape.
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