Robinhood CEO Vlad Tenev has called on U.S. lawmakers to enact comprehensive cryptocurrency legislation, stating that the current regulatory uncertainty has hindered the trading platform's ability to offer staking services in four states. This contrasts with European competitors who operate under more defined rules.
Tenev Highlights Regulatory Hurdles for Crypto Services
In a statement on X, Tenev explained that staking is one of the most frequently requested features on the Robinhood App. However, due to the prevailing regulatory ambiguity, the company has been compelled to restrict access to this service for customers in four U.S. states. He also pointed out that while stock tokens are available to Robinhood customers in the European Union, they are not offered in the United States.
"It's time for the US to lead on crypto policy," Tenev wrote. "Let's pass legislation that protects consumers and unlocks innovation for everyone."
Tenev expressed his support for ongoing congressional efforts to pass a market structure bill, directing his comments towards the Senate Banking Committee and its Republican counterpart. He acknowledged that further work is necessary but indicated that Robinhood perceives a feasible path forward.
Competitive Disadvantage Due to Regulatory Gap
The absence of federal cryptocurrency legislation has resulted in a fragmented regulatory landscape, which financial technology experts believe places American firms at a competitive disadvantage. The European Union's Markets in Crypto-Assets (MiCA) regulation, for instance, provides companies with a level of legal certainty that is currently lacking in the U.S. market.
Analysts suggest that the establishment of clear regulations would likely accelerate product development and potentially attract increased institutional investment. The divergence between the U.S. and EU regulatory environments has become a persistent concern for industry executives, who caution that talent and capital may continue to shift towards jurisdictions with more established digital asset frameworks.