Robinhood tokenized stocks spark controversy, Lithuania's central bank investigates OpenAI, SpaceX token structure

The U.S. online brokerage Robinhood previously launched a "stock tokenization" service in the EU region, allowing European users to invest in unlisted companies like OpenAI and SpaceX by holding tokens. However, shortly after launching, OpenAI issued a clarification stating that these tokens on Robinhood are not their company's stocks. In response, the Lithuanian Central Bank immediately initiated an investigation.

Tokenized Stocks Allow Retail Investors to Participate in Private Markets, Cut Off by OpenAI After Launch

Robinhood officially launched its stock tokenization product in the EU on 7/1, allowing users to indirectly invest in stocks through on-chain tokens, even for unlisted companies like OpenAI and SpaceX.

Robinhood stated that this product gives retail investors a chance to participate in the private market, implemented through holdings in a Special Purpose Vehicle (SPV), with tokens representing shares indirectly held by that SPV.

The day after the product launch, OpenAI immediately posted on Twitter (X) to clarify:

"These so-called 'OpenAI tokens' are not OpenAI stocks. We have not collaborated with Robinhood, nor have we participated in or supported this plan."

OpenAI added that any transfer of OpenAI shares requires company approval, and this operation was unauthorized, urging users to be cautious about such products.

Lithuanian Central Bank to Investigate Robinhood

As the primary regulatory body for Robinhood in the EU, the Lithuanian Central Bank responded to CNBC:

"We have contacted Robinhood and are currently awaiting detailed explanations from Robinhood about the structure of OpenAI and SpaceX equity tokens, as well as related investor documentation."

Lithuanian Central Bank spokesperson Giedrius Šniukas emphasized that only after receiving this information will they further assess whether the product is legal and complies with consumer protection regulations. Robinhood has not yet responded to this.

Following the news, Robinhood's stock price dropped 1% during trading to $93.46 per share, but slightly increased 0.02% after hours to $93.48, with minimal price changes.

U.S. Treasury official Scott Bessent stated on 7/7 that he expects to meet with Chinese senior officials in the coming weeks, continuing the negotiation agreements from the previous meetings in Geneva and London in late June. Although the U.S. and China have temporarily reached a ceasefire agreement on rare earth exports in exchange for lifting restrictions, the subsequent developments remain closely watched as issues such as TikTok, fentanyl, and technology export controls remain unresolved.

Tariff War Causes Market Volatility, US and China Reach "Rare Earth for Lifting Restrictions" Agreement

The US and China had previously imposed high tariffs on each other, causing bilateral trade to almost come to a standstill and triggering global financial market turbulence.

In negotiations in Geneva and London, the two sides have temporarily reached a short-term agreement. According to previous reports, China agreed to relax export restrictions on rare earth minerals in exchange for the US lifting some trade restrictions. These rare earth materials are crucial to multiple industries in the US, including semiconductors, green energy, and transportation, making them a key focus of negotiations.

Despite the short-term agreement, Becent stated last week that the US observed that the export volume of these critical rare earth materials has not yet returned to normal levels from April this year, indicating that China's supply is still adjusting.

(US Secretary of Commerce: US-China Rare Earth Agreement Signed, Trump Administration Launches New Round of Talks with 10 Countries)

TikTok and Fentanyl Issues Remain Unresolved

Although the US and China have reached partial consensus, Trump's concerns about fentanyl smuggling and the equity transfer of TikTok's US business remain key points of future bilateral discussions.

Becent has not yet discussed TikTok, but it is believed that the US hopes China will approve the sale of TikTok, separating its US business from the Chinese parent company ByteDance.

Trump stated that he has already found buyers, including Oracle, Blackstone, and Silicon Valley venture capital firm a16z. However, this transaction ultimately requires China's approval, giving China the opportunity to negotiate more trade benefits with the US.

(US TikTok Deal Heats Up! Trump Says 4 Buyer Groups Compete Intensely, Chinese Government Continues to Intervene)