Robinhood CEO Vlad Tenev warned that regulatory uncertainty surrounding US tokenization rules is discouraging large-scale asset commitments, despite the SEC's innovation exemption being a positive step. Speaking on the company's third-quarter earnings call, Tenev noted that clients remain hesitant to deploy significant capital into tokenized markets due to unclear long-term regulatory frameworks, emphasizing the need for further rulemaking or legislation to provide certainty. The platform currently offers approximately 200 stock tokens on Robinhood Chain, structured as tokenized debt securities providing economic exposure rather than traditional shareholder rights. This structure places them outside the scope of the SEC's recent innovation exemption. Tenev indicated that Robinhood plans to launch tokenized shares of private companies overseas, subject to local regulatory arrangements, while seeking compliant pathways for US users under existing accredited investor restrictions. This commentary coincides with mixed financial results for Robinhood's crypto division. The company reported a 55% year-over-year decline in third-quarter crypto revenue to $120 million, alongside a 38% drop in crypto notional trading volume to $50 billion. Conversely, prediction markets revenue surged sixfold to $173 million during the same period.