Robinhood Says SEC Rules Could Limit Stock Tokens as Crypto Perps Head to the US

TLDR

• Robinhood says its stock token volume is already high enough to hit caps in the SEC’s new innovation exemption.
• The SEC issued a five-year exemption on Sept. 17 that lets some U.S. venues trade tokenized stocks.
• Robinhood plans to add in-kind redemption and voting rights to its stock tokens.
• The company’s crypto chief called AMC CEO Adam Aron’s criticism “mostly a marketing stunt.”
• Robinhood will launch crypto perpetual futures in the U.S. for eight tokens, with up to 10x leverage.

Robinhood says its stock token business may hit limits set by a new Securities and Exchange Commission rule. The company’s crypto chief made the comments in an interview with The Block.

Johann Kerbrat is Robinhood’s senior vice president and general manager of crypto and international. He spoke at Korea Blockchain Week 2026.

Kerbrat said the company is still reviewing the SEC’s innovation exemption for tokenized U.S. stocks. He described the order as a long document with limits on volume and on which assets can be tokenized.

“We’re still trying to understand all the parameters of it,” Kerbrat said. “There are limitations on the volume, and what type of assets we can tokenize. If you look at our volume on our stock tokens, it’s already pretty high and will hit some of its limits.”

Stock Token Limits Under the SEC Exemption

The SEC issued the five-year exemption on Sept. 17. It lets certain U.S. venues trade tokenized versions of listed stocks without registering as exchanges.

The order includes caps on the number of symbols and on trading volume. The tokens must also carry the same rights as the underlying shares.

Venues must notify the companies that issue the stocks. Those issuers can object.

Kerbrat said the exemption shows the SEC wants to work toward tokenization. He said Robinhood will keep pushing for more adoption of stock tokens and wider coverage of U.S. stocks and ETFs.

Robinhood’s Stock Tokens are issued as debt securities by an entity based in Jersey. They are available in more than 120 countries through Robinhood Wallet but are not offered to U.S. users.

Kerbrat and CEO Vlad Tenev said earlier this month that stock tokens will get in-kind redemption and voting rights. Kerbrat said these plans came before a public dispute with AMC Entertainment CEO Adam Aron.

He said in-kind redemption was discussed at a July 1 event in London. Last month, Aron called Robinhood’s stock tokens illegal offerings and said AMC had not agreed to them.

“Some of the criticism from the AMC CEO, if you look at it, it’s mostly a marketing stunt,” Kerbrat said. “We stand behind the legal structure of our systems.”

Robinhood Brings Crypto Perps to the US

Robinhood announced on Sept. 29 that it is bringing crypto perpetual futures to U.S. customers. The product will cover eight cryptocurrencies.

They are Bitcoin, Ether, Solana, XRP, Dogecoin, Cardano, Chainlink and Hyperliquid.

Kerbrat said the system uses a global waterfall clearing model that some new venues, such as Kalshi, did not support. The exchange also recalculates funding rates constantly, while rival platforms do it every 15 minutes.

Robinhood will offer 10x leverage on Bitcoin and Ether and 3x leverage on the other six tokens. Kerbrat said the company chose those limits itself.

He said raising leverage in the U.S. is still to be decided. It will depend on how users trade and how liquidity develops.

Kerbrat declined to share a 2027 list of U.S. derivatives products. He said commodity and ETF perpetuals have drawn interest in Europe.

He said Robinhood has no single-stock perpetual plans to announce. He pointed to its options business, where customers already build multi-leg strategies.

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