Robinhood Markets Inc. (NASDAQ:HOOD) CEO Vlad Tenev on Wednesday urged the U.S. to take the lead on cryptocurrency policy, citing the unavailability of staking and tokenized stocks in certain regions due to legislative hurdles.
Tenev Concerned Over Legislative Bottleneck
In an X post, Tenev pointed out that staking is one of the “most requested features” on Robinhood, but is unavailable in some jurisdictions due to legislative “gridlock.”
Staking on Robinhood is currently not available in California, Maryland, New Jersey and Wisconsin due to state regulations.
Tenev further rued that tokenized stocks are accessible to Robinhood’s European customers, but not to those in the home market.
‘Still Work To Be Done’
“It’s time for the U.S. to lead on crypto policy. Let’s pass legislation that protects consumers and unlocks innovation for everyone,” Tenev stated.
He also voiced his support for Congress’s efforts to pass the cryptocurrency market structure bill, while acknowledging that there is still work to be done.
Crypto Bill Stalls
Tenev’s remarks coincided with the Senate Banking Committee delaying the markup of cryptocurrency market structure legislation after longtime proponent Coinbase Global Inc. (NASDAQ:COIN) said it will not support the current version of the bill.
Senate Banking Committee Chair Sen. Tim Scott (R-S.C.) said that the committee is taking a “brief pause” but reiterated that all stakeholders involved are “working in good faith.”
Price Action: Robinhood shares fell 0.98% in after-hours trading after closing 0.47% lower at $119.67 during Wednesday’s regular trading session, according to data from Benzinga Pro.
HOOD maintains a stronger price trend over the long term, with a high Momentum and Growth ranking, according to Benzinga’s Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: Sergei Elagin On Shutterstock.com
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