Robinhood recently announced the launch of tokenized stock giveaways for OpenAI and SpaceX, sparking controversy. OpenAI quickly denied any association, stressing that these tokens do not represent genuine equity and that they had not authorized any share transfers. Elon Musk, co-founder of OpenAI, referred to the equity as “fake.” The initiative drew backlash from the DeFi community, raising concerns about the legality and transparency of these tokenized stocks, which lack ownership rights and voting privileges associated with traditional stocks. Robinhood claims the tokens provide “indirect exposure” to private markets, but legal experts warn they may face SEC scrutiny due to opaque structures. Critics argue that the offer misleads investors, potentially categorizing it as an unregistered security. Furthermore, U.S. customers are prohibited from purchasing these tokens, limiting their broader market appeal and introducing liquidity challenges. Robinhood maintains that the tokens track the valuation of the companies, but skepticism persists.
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