Overview

• The Bank of Lithuania, acting as Robinhood’s lead EU regulator, has opened a review and is awaiting detailed explanations of the special purpose vehicle structure and investor communications for OpenAI and SpaceX tokens.
• OpenAI publicly disavowed the ‘OpenAI tokens,’ clarifying they do not represent its equity and that any transfer requires its approval.
• Robinhood launched the Stock Tokens product on June 30 via the Arbitrum layer-2 network to offer EU retail investors indirect exposure to both public and private U.S. companies.
• CEO Vlad Tenev defended the derivative design on July 8, arguing that the technical equity classification is secondary to broadening retail access.
• Robinhood holds both brokerage and crypto asset service licenses in Lithuania and says it has built the token program to meet EU compliance and withstand regulatory scrutiny.