Robinhood faces scrutiny in EU over stock tokens after OpenAI concerns

Lithuania’s central bank contacted Robinhood seeking clarification on tokenized equities after OpenAI raised concerns. Bank of Lithuania awaits details on the structure of OpenAI and SpaceX stock tokens. Robinhood, regulated by the Bank of Lithuania in the EU, has not yet responded to CNBC’s request for comment.

OpenAI distanced itself from Robinhood’s “Stock Tokens” product, warning users that the tokens are not OpenAI equity. Robinhood’s product allows EU users to invest in shares as blockchain-based tokens, even for private firms like OpenAI and SpaceX. OpenAI emphasized that they did not partner with Robinhood and did not endorse the product.

Following OpenAI’s warning, Robinhood stated that its stock tokens provide retail investors with indirect exposure to private markets, facilitated by Robinhood’s ownership stake in a special purpose vehicle. The company defended its product after OpenAI’s cautionary statement, emphasizing access to private markets for retail investors.

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