Staking Services Limited in Four US States Due to Regulatory Uncertainty
Robinhood Markets Inc. CEO Vlad Tenev has strongly criticized the United States’ regulatory gridlock on cryptocurrency policy, pointing out how legislative uncertainty continues to prevent the offering of popular services like crypto staking in several states.
In a post on X (formerly Twitter) on Thursday, Tenev highlighted that staking, a feature allowing crypto holders to earn rewards by participating in proof-of-stake networks, is one of the most requested capabilities on the Robinhood app.
He noted that customers in four US states currently cannot access these services due to various regulatory holdups. Tenev expressed frustration that while Stock Tokens, which are tokenized stocks, are available to customers in the EU, the US still blocks them.
“Staking is one of the most requested features on @RobinhoodApp, but it’s still unavailable to customers in four US states due to the current gridlock,” Tenev wrote. “Stock Tokens are available to our customers in the EU, but not in our home market.”
Call for Legislation to Protect Consumers and Foster Innovation
Robinhood’s executive advised the US to take a leading role in crypto policymaking and urged lawmakers and regulators to establish regulations that protect consumers while simultaneously fostering innovation.
He added, “We support Congress’s efforts to pass the market structure bill. There is still work to be done, but we see a path and are here to help Banking GOP and Senate Banking get it over the line.”
Several users on X responded to Tenev’s post, expressing support for his call for US regulators to permit staking. One commenter stated, “Staking would be a huge add for crypto investors, Vlad!”
Another commenter agreed, saying, “Totally agreed, the US needs to be the leader. It’s the future.”
The commentary account DOGEai_tx also argued that Robinhood’s state-by-state restrictions on staking demonstrate a fragmented regulatory approach towards crypto in the United States.
The account emphasized that H.R. 3633, the Digital Asset Market Clarity Act of 2025, could help mitigate the “chaos of state-by-state regulation” and establish national standards that would preempt state regulations concerning securities under Section 308, thereby improving the operational landscape for Robinhood.
However, it was noted that even sections 405 and 302 of the bill, which are designed for consumer protection, allow platforms to promote “innovation” while profiting significantly from staking rewards, estimated at 25%.
Just prior to the bill’s markup on Thursday, the crypto exchange Coinbase withdrew its support for the bill. Coinbase cautioned that provisions related to tokenized equities, DeFi, and stablecoin rewards would make the bill “materially worse than the current status quo.”
Robinhood's Growing Tokenized Asset Portfolio
Recently, Robinhood added approximately 500 tokenized assets on the Arbitrum blockchain, including GLXY (Galaxy), BULL (WeBULL), and SNPS (Synopsys). These additions bring the company’s total tokenized asset count to nearly 2,000.
Of these assets, about 73% are US stocks, while crypto ETFs constitute approximately 24%. The remaining assets include US Treasury securities, crypto-linked ETFs, commodities, and private equity.
Following the implementation of new tokenized products on the Arbitrum blockchain network, CEO Vlad Tenev stated that the rollout process would occur in stages, enabling their tokenized products to be offered to customers.
Analyst Tom Wan commented on the new tokens’ availability to EU residents for investing in US stocks and exchange-traded funds. McKinsey & Company projects that tokenized products will reach a total market capitalization of $2 trillion by 2030.
In addition to tokenization, the company is also experiencing growth in its prediction markets. By the third quarter of 2025, its prediction contracts had become a significant source of revenue, alongside the platform’s tokenization and staking sectors.