Robinhood Reports Stock Token Trading Volume Approaching SEC Exemption Limits

The trading volume of Robinhood’s stock tokens has already reached levels that may encounter limits set by the U.S. Securities and Exchange Commission (SEC) under its new innovation exemption for tokenized equities, according to the company’s head of crypto.

Johann Kerbrat, Robinhood’s senior vice president and general manager of crypto and international, stated that the organization is still navigating the requirements linked to the SEC order after regulators established a five-year pathway for qualifying tokenized U.S. stocks.

“We’re still trying to understand all the parameters of it,” Kerbrat mentioned in an interview at Korea Blockchain Week 2026. “There are limitations on the volume, and on what type of assets we can tokenize. If you examine our volume on our stock tokens, it’s already quite significant and will reach some of its limits.”

This commentary follows the SEC’s issuance of its innovation exemption on September 17, enabling eligible platforms to trade tokenized National Market System stocks via permissioned automated market makers and liquidity pools without needing to register as exchanges, provided they adhere to specific conditions.

Robinhood stock token volume could test SEC caps

Trading limits outlined in the exemption vary according to the type of stock. Tier 1 tokenized stocks are restricted to 75 symbols and 0.25% of the average daily share volume of the underlying stock over the previous month. Tier 2 products are confined to 250 symbols and 2.5% of the underlying stock’s average daily volume.

The SEC designed these categories based on the current Limit Up Limit Down Plan. Tier 1 includes stocks from the S&P 500 and Russell 1000, as well as certain exchange-traded products, while other qualifying NMS stocks fall into Tier 2.

A venue that consistently surpasses a volume threshold for a specific tokenized stock must suspend trading for that product for three months. The initial breach does not trigger the suspension, but the venue must stay within the threshold thereafter.

Prior to the exemption’s issuance, Robinhood had generated substantial activity surrounding tokenized stocks. In August, trading volume for tokenized stocks through Uniswap on Robinhood Chain reached $1 billion, according to Uniswap founder Hayden Adams. At that time, Robinhood Stock Tokens were not accessible to U.S. investors.

Kerbrat indicated that these limits could become significant in light of the activities Robinhood is currently experiencing, yet he viewed the SEC’s decision as a positive indication that the regulator is interested in collaborating with the industry to facilitate the on-chain representation of equities.

“Overall, I think it’s very important to recognize that this exemption signals the SEC’s desire to move toward tokenization and understand its benefits,” he noted. “Therefore, we are certainly moving towards increased adoption of stock tokens and a broader range of U.S. stocks and ETFs.”

SEC rules require the same shareholder rights

Robinhood’s current Stock Tokens do not possess the same legal framework as the tokenized NMS stocks covered by the SEC exemption.

The products are offered through Robinhood Wallet in over 120 countries, although not to U.S. users. They are categorized as debt securities issued by Robinhood Assets Jersey Limited, backed by shares that correspond to the assets they track.

Under the SEC guidelines, qualifying tokenized NMS stocks are required to grant holders the same rights and privileges as their conventional counterparts. This includes economic rights along with voting and other shareholder rights.

As previously reported by crypto.news, synthetic products that only provide price exposure do not meet the criteria for the exemption. Venues intending to list stock tokenized by an unrelated third party must notify the company whose shares are being tokenized and provide the issuer an opportunity to object.

Robinhood has already announced modifications are forthcoming for its Stock Tokens. Kerbrat and CEO Vlad Tenev shared earlier in September that the company plans to introduce voting rights and in-kind redemption options.

The upcoming adjustments emerged in the context of a public dispute with AMC Entertainment’s CEO Adam Aron, who criticized Robinhood for creating an AMC-linked token without the company’s consent.

Robinhood asserts that issuer consent is not mandatory under its current structure. Its AMC stock token structure offers investors economic exposure to AMC stock, while holders do not directly own AMC shares or receive associated voting rights.

Kerbrat mentioned that Robinhood was already working on voting rights and in-kind redemption prior to the disagreement with Aron. He noted that in-kind redemption was discussed during the company’s July 1 event in London.

“Much of the criticism from AMC’s CEO is, if you look at it, really a marketing stunt,” Kerbrat stated. “We are confident in the legal structure of our systems.”

Robinhood’s initiative to roll out stock tokens began with its July product introduction, which involved launching Robinhood Chain along with products designed to facilitate the transfer of traditional financial assets onto the blockchain.

Robinhood prepares crypto perps for U.S. traders

While Robinhood navigates the SEC’s stock token framework, it is also preparing another on-chain trading product for the U.S. market.

On September 29, Robinhood announced its plans to provide crypto perpetual futures for eligible U.S. customers across eight cryptocurrencies. The initial offerings include Bitcoin, Ether, Solana, XRP, Dogecoin, Cardano, Chainlink, and Hyperliquid.

Bitcoin and Ether perpetual contracts will offer leverage of up to 10x, while the other six assets will include leverage of up to 3x.

Kerbrat stated that Robinhood determined these leverage levels independently. Decisions on whether to subsequently increase them will depend on trading activity and liquidity levels after launch.

Robinhood plans to implement a global waterfall clearing system for its product. Kerbrat explained that this structure differs from some competitive U.S. offerings and pointed out funding calculations as another area of distinction.

Funding rates will be recalculated continuously on the exchange, in contrast to competing platforms that perform recalculations at 15-minute intervals.

Initial plans for Robinhood’s U.S. crypto perpetual futures include a trading fee of 0.01% through the end of 2026, with Robinhood Derivatives facilitating the contracts using Bitstamp infrastructure.

Leverage levels will depend on liquidity

Kerbrat did not mention a list of additional derivatives Robinhood may introduce to the U.S. market in 2027.

While the company has noticed interest in commodity and ETF perpetual futures in Europe, Kerbrat stated that there were no intentions to announce single stock perpetual futures for U.S. customers.

Robinhood already provides customers with access to options strategies that can be created using multiple legs, which Kerbrat emphasized when discussing how traders can engage in more complex positions without single stock perpetual contracts.

Any decision to increase leverage on the forthcoming U.S. crypto perpetuals will be made after Robinhood assesses customer engagement with the products and the evolution of liquidity, he added.