Robinhood Shares Surge Over 8% on Report of SEC Considering Tokenized Stock Approval

Stock News06-17 23:19

Shares of Robinhood (HOOD.US) climbed more than 8% in early trading on Wednesday, extending a rally of 50% from its April low, with the stock currently trading at $105.38.

The move follows a report indicating the U.S. Securities and Exchange Commission (SEC) is considering a major policy shift that would permit "tokenized stocks" under a proposed innovation exemption.

The report suggests this policy would enable cryptocurrency firms to offer blockchain-based versions of traditional equities, facilitating trading 24 hours a day, seven days a week, and enabling near-instant settlement.

This initiative is reportedly expected to advance under the leadership of SEC Chairman Paul Atkins, with the goal of providing regulatory flexibility for companies to experiment with digital asset models.

Following growth in their international operations, cryptocurrency exchanges such as Coinbase (COIN.US), Robinhood, and Kraken are reportedly preparing for the potential launch of such services in the United States.

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