# Robinhood CEO Seeks U.S. Token Rules as Crypto Revenue Falls 55% By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/42592 Published: 2026-10-28T12:56:03.000Z Updated: 2026-10-28T12:56:03.000Z Section: Regulation > Tenev called the SEC’s innovation exemption a positive step but said more rulemaking or legislation is needed as Robinhood’s crypto revenue and trading volume declined in the third quarter. Robinhood CEO Vlad Tenev urged clearer U.S. rules for tokenized stocks on the company’s earnings call Tuesday, saying uncertainty could discourage customers from placing significant assets on the technology. Tenev called the Securities and Exchange Commission’s innovation exemption a positive step but said more rulemaking or legislation is needed to provide longer-term clarity. “The uncertainty of what happens in five years is likely to be an impediment,” he said. Tenev added that Robinhood hopes to share more about its U.S. tokenization plans soon. Robinhood offers roughly 200 Stock Tokens on Robinhood Chain as part of an international lineup. The tokens are unavailable in the United States and to U.S. persons. They are backed by shares but structured as tokenized debt securities, giving holders economic exposure without all the rights of ordinary shareholders. The company has [outlined plans to expand its international stock-token lineup]() from about 200 equities to several thousand and add private-company shares. Tenev said Robinhood plans to offer private-company stock tokens overseas, subject to regulatory arrangements. In the United States, the company is working on an approach that fits current accreditation limits. The call for clearer rules came as Robinhood’s cryptocurrency business contracted. Crypto revenue fell 55% year over year to $120 million in the third quarter, while crypto notional trading volume declined 38% to $50 billion. Volume on the Robinhood app fell 48% to $21 billion, and Bitstamp volume dropped 28% to $29 billion. Other trading activity grew. Revenue from event contracts reached $173 million, six times the year-earlier level, while the number of contracts traded rose more than sevenfold to 16.4 billion. Across the company, total net revenue increased 12% to a record $1.42 billion, below analyst expectations. Adjusted earnings per share were $0.60, missing estimates by $0.04. ## Links in this article - [outlined plans to expand its international stock-token lineup](https://www.tokenpost.com/news/business/26007)