Robinhood is positioning to bring blockchain-based stock trading to the United States after the SEC (U.S. securities regulator) granted a conditional Innovation Exemption for tokenized National Market System stocks on blockchain platforms. The five-year exemption applies to qualified venues and requires shareholder rights and issuer consent, conditions that could force Robinhood to redesign its existing token structure for the US market. Robinhood launched its Ethereum-compatible Layer 2 Robinhood Chain mainnet on July 1, 2026, offering tokenized stocks to users in more than 120 countries but excluding the United States. Its first-generation Classic Stock Tokens, introduced in June 2025 for the EU and European Economic Area, represent tokenized debt securities issued by Robinhood Assets (Jersey) Limited rather than direct ownership of shares. By early September 2026, Robinhood Stock Tokens represented approximately 60% of tokenized equity transfer volume. The tokens trade 24/7 and can potentially be used with decentralized finance protocols for lending, borrowing and liquidity provision. CEO Vlad Tenev has advocated regulatory clarity, arguing that tokenization can enable real-time settlement and reduce reliance on traditional infrastructure built around T+1 settlement and intermediaries such as clearinghouses, transfer agents and custodians.