Tenev Urges America to Act on Crypto Regulation
Robinhood CEO Vlad Tenev has openly criticized the slow progress of U.S. crypto regulations. He pointed out the lack of crypto staking in four local states, comparing it to the progress already made in the European Union with tokenized stocks.
Speaking on social media, Tenev stated that staking remains one of the most sought-after features among Robinhood users. However, the company is unable to meet this demand in four American states "due to the current gridlock."
It’s time for the US to lead on crypto policy.
The executive further explained how there is still more work to be done in terms of digital asset oversight. According to him, America needs to pass legislation that protects consumers and unlocks innovation for everyone. "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," he added.
The Robinhood CEO’s comments come amid the Senate Banking Committee’s latest decision to postpone its planned markup of the sweeping crypto market structure bill. The legislation seeks to define when crypto tokens are considered securities or commodities. It also clarifies the regulatory roles of the SEC and CFTC, sets rules for staking, lending, and stablecoins, and introduces registration pathways for crypto exchanges and DeFi platforms.
Other crypto industry leaders have also voiced growing frustration over the U.S. Senate’s latest delay of the crypto market structure bill. For instance, Coinbase CEO Brian Armstrong has criticized the bill’s potential to promote traditional financial institutions and limit innovation by overregulating decentralized platforms. Ultimately, this resulted in the exchange pulling its support for the current version of the legislation.
U.S. Crypto Staking Lags as EU Advances with Tokenized Stocks
Crypto staking remains restricted in four U.S. states, including California, Maryland, New Jersey, and Wisconsin, due to ongoing litigation and increased scrutiny. These limitations stem from allegations that staking services offered by platforms such as Coinbase and Robinhood are unregistered securities offerings, which has resulted in enforcement actions and compliance measures at the state level.
On the other hand, the European Union has moved forward with its Markets in Crypto-Assets (MiCA) rules, which provide a unified framework for digital assets across all member nations. This regulatory clarity has enabled platforms to introduce advanced offerings such as tokenized stocks, allowing users to trade the digital assets with confidence. Robinhood has already launched tokenized equity products in the region, with Tenev previously describing it as the most significant innovation in capital markets in over a decade.