Overview

• OpenAI has reiterated that its “token” giveaways do not represent equity and are neither approved nor endorsed by the company
• Robinhood maintains that its tokens are derivative contracts recorded on-chain, backed by its stake in a special purpose vehicle rather than direct stock ownership
• Legal experts warn the SPV structure lacks transparency and could face severe SEC scrutiny, potentially rendering the product unviable in US markets
• Shares of Robinhood surged to record highs following the June 30 launch before slipping about 4% after OpenAI’s public statement
• The initiative reflects Robinhood’s broader DeFi strategy in the EU, with initial deployment on Arbitrum and plans for a proprietary layer-2 chain