Robinhood Upgrades Tokenized Stocks

Robinhood said today it will add 1:1 share redemptions and voting rights to its tokenized stock, responding to criticism that buyers got price exposure without actual shareholder rights. The move closes a gap with Coinbase, whose tokenized stocks on Base are backed by real shares in regulated custody. Kraken's xStocks, powered by Backed, also hold real shares 1:1 in custody but are explicitly clear that holders get no voting rights and no path to retail share redemption-instead offering the strongest DeFi composability.

Robinhood's (HOOD) advantage is distribution and a massive retail base. But its upgrades aren't live yet, and execution risk is real. Until they ship, Coinbase (COIN) has the most ownership-oriented product, Kraken has the best onchain plumbing, and Robinhood has the most marketable one-if it delivers.

Nine years in, crypto exchange CoinEx is winding down. CoinEx blamed the prolonged market slump, shrinking volume, and rising security & compliance costs. That is probably all true, but it’s also worth noting that CoinEx left the U.S. market in 2023 after settling a lawsuit filed by the NY AG, which accused the exchange of operating without proper registration. The exchange was also accused of processing more than $3.8 billion in flows linked to Iranian entities since 2019. Founder Haipo Yang said he considered selling the platform but ultimately decided against it. Read more →

Today is the day. The Clarity Act faces its 60-vote Senate test at 2:15 p.m. ET, after more than a year of negotiations and a final Republican rewrite that incorporated 126 changes requested by Democrats. But Democrats sent back an eleventh-hour counteroffer seeking further changes on ethics and developer protections, while Republicans are signaling their latest text is final. That renewed resistance has hit sentiment hard with Polymarket’s market price for CLARITY becoming law in 2026 falling ~14% over the last 24 hours. Read more →

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