According to CoinMeta, Vlad Tenev, the CEO of Robinhood, stated during the company's third-quarter financial report conference call that the US tokenization market needs more sustainable regulatory rules. He pointed out that the innovative exemptions provided by the U.S. Securities and Exchange Commission (SEC) are a positive step, but the uncertainty of regulatory rules may deter investors from investing large amounts of assets in the tokenization market. He believes that establishing further rules or passing legislation would help to provide long-term regulatory certainty. Robinhood plans to launch private company stock token products overseas, while in the United States, they are seeking compliance pathways that comply with current investor certification restrictions. Currently, Robinhood offers about 200 stock tokens backed by underlying stocks, but these products are designed as tokenized debt securities and do not possess the same shareholder rights as traditional stocks, therefore they do not meet the SEC's innovative exemption requirements. In the third quarter, the company's cryptocurrency revenue decreased by 55% to $120 million, and the nominal trading volume of cryptocurrencies fell by 38% to $50 billion.