Robinhood tokenization of stocks sparks controversy, Lithuania's Central Bank investigates OpenAI and SpaceX token structures.

The American online brokerage Robinhood previously launched a "stock tokenization" service in the EU, allowing European users to invest in unlisted companies like OpenAI and SpaceX by holding tokens. However, just a few days after its launch, OpenAI issued a clarification stating that these OpenAI tokens on Robinhood are not their own stocks. In response, the Lithuanian central bank immediately launched an investigation.

Tokenization of stocks allows retail investors to participate in the private placement market, which was cut by OpenAI after going live.

Robinhood officially launched its stock tokenization products in the EU on July 1, allowing users to indirectly invest in stocks through on-chain Tokens, and even hold equity in private companies like OpenAI and SpaceX.

Robinhood stated that this product allows retail investors to participate in the private equity market, and Robinhood will achieve this through the shares held by the special purpose company (SPV), with the tokens representing the shares indirectly held by that SPV.

But just the day after the product launch, OpenAI immediately tweeted (X) to clarify:

"These so-called 'OpenAI Tokens' are not stocks of OpenAI, we have not partnered with Robinhood, nor participated in this project, and we do not support it."

OpenAI adds that any transfer of OpenAI shares requires company approval, and this operation was unauthorized, urging users to remain vigilant regarding such products.

The Lithuanian central bank is about to investigate Robinhood.

As the main regulatory authority of Robinhood in the EU, the Bank of Lithuania responded to CNBC on 7/8, stating:

"We have contacted Robinhood and are currently waiting for Robinhood to provide detailed explanations regarding the equity Token structure of OpenAI and SpaceX, as well as the related investor documentation."

Lithuania's central bank spokesperson Giedrius Šniukas emphasized that they will only further assess whether the product is legal and complies with consumer protection regulations after obtaining this information, and Robinhood has not responded to this yet.

After the news broke, Robinhood's intraday stock price fell by 1% to $93.46 per share, but after hours it rose slightly by 0.02% to $93.48 per share, showing little price change.

This article discusses the controversy surrounding Robinhood's tokenization of stocks, as well as the investigation by the Bank of Lithuania into the token structures of OpenAI and SpaceX, which first appeared in Chain News ABMedia.