EU Questions Robinhood About OpenAI and SpaceX Stock Tokens

Core Viewpoint - Robinhood is facing regulatory scrutiny in the EU for offering tokenized equities of OpenAI, which the AI startup has disavowed any association with [1][3]. Regulatory Scrutiny - The central bank of Lithuania, Robinhood's main regulator in the EU, has requested clarification on the structure of OpenAI and SpaceX tokens to assess their legality and compliance [2]. - The Bank of Lithuania has contacted Robinhood and is awaiting further information regarding these stock tokens [2]. Company Position - OpenAI has warned investors to be cautious about the tokens issued by Robinhood, stating that these tokens do not represent OpenAI equity and that they did not partner with Robinhood [3]. - OpenAI emphasized that any transfer of its equity requires its approval, which has not been granted for these tokens [3]. Product Offering - Robinhood's Stock Tokens, launched on June 30, are derivatives recorded on the blockchain that track the prices of publicly traded stocks and ETFs, providing investors with exposure to the U.S. market [4]. - Investors are purchasing tokenized contracts that follow share prices rather than actual shares, and while they can buy, sell, or hold these tokens, they cannot transfer them to other wallets or platforms [4]. Market Context - OpenAI and SpaceX are not publicly traded, but their equity may be available in the secondary market for pre-IPO shares [5]. - Robinhood has stated that it offered a "limited Stock Token giveaway" for OpenAI and SpaceX to eligible European customers, providing retail investors with indirect exposure to private markets [5].