Robinhood CEO Vlad Tenev argues that publicly traded stocks are transferable personal property. He claims financial products like tokenized versions do not require consent from the original issuer. Tenev advocates for technological neutrality, stating consent should only be necessary if a product alters the underlying rights of a share.
Tenev distinguishes between tools that modify a company's shareholder register and independent tools linked to freely transferable shares. Robinhood’s stock tokens are issued by a Jersey-based entity as tokenized debt securities. These securities are backed 1:1 by custodied shares.
The product structure provides economic exposure without granting direct ownership or voting rights. This design allows Robinhood to tokenize thousands of global assets without individual issuer agreements. The service is currently available in over 120 countries but excludes the U.S.