Robinhood CEO Vlad Tenev urged Trump at a White House cryptocurrency meeting to ease U.S. regulation of tokenization, the process of representing asset ownership with digital tokens, and said a federal crypto framework could give investors greater certainty. Tenev warned that customers ultimately bear the consequences of market uncertainty, saying, "The customer, unfortunately, ends up suffering here." Robinhood is using tokenization to extend access to U.S. assets to users in more than 120 countries, he said, while warning that overseas investors could benefit before U.S. investors. In a CNBC interview on Aug. 20, Tenev described the early stages of a global tokenization supercycle that could eventually "swallow the entire financial system." He said Robinhood launched its own blockchain outside the United States a month ago and currently supports 190 U.S. stock tokens, enabling 7x24-hour trading and free on-chain transfers like Bitcoin. Tenev argued that tokenized stocks could provide 24/7 trading, real-time settlement and self-custody, with listed stocks "just the beginning." He believes stock tokenization is redoing the underlying infrastructure of financial markets and that this could become a roadmap for the future financial system. Tenev also said tokenization could broaden access to private companies, prevent GameStop-style trading halts and help the United States remain competitive, while arguing that innovation and investor protection are compatible.