Bernstein: The improvement of the regulatory environment will drive the arrival of the "equity tokenization wave".

On July 7, despite opposition from OpenAI, Robinhood launched its tokenized stock product at a high-profile event in Cannes last week and characterized the controversial OpenAI private equity token as a derivation. Bernstein analysts noted that the company is betting on SEC policy support and the passage of the CLARITY Act to open up the tokenized asset market. Bernstein analysts believe that although the dispute between Robinhood and OpenAI has drawn attention, an improvement in the regulatory environment will drive the arrival of the "equity tokenization wave." Currently, private companies, including OpenAI and SpaceX, although already having liquidity in the non-public market, still have a strong demand for tokenization of illiquid private assets. "Robinhood successfully attracted widespread market attention to the tokenization concept through this release. The company will continue to optimize its products and is committed to establishing a trading platform for publicly and privately held company stocks targeting the global and U.S. markets (once regulations are ready)."