The Innovation Isn’t the Token—It’s the Trust Framework Written By Robinhood
Robinhood’s proposal introduces some of the most important legal infrastructure yet seen in the RWA space. It calls for a unified national framework to replace the fragmented, state-by-state compliance approach that currently governs securities. It proposes that tokens representing assets—like equities or government bonds—should be legally equivalent to the underlying asset, not classified as derivatives or synthetic products.
That one change, if approved, would eliminate the need for duplicate systems and ambiguous ownership rights. It would also allow broker-dealers like Robinhood to custody and trade tokenized assets using existing regulatory guardrails, not separate, uncertain structures.