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Crypto

Robinhood CEO says tokenization era opens in U.S., welcomes SEC five-year pilot

Robinhood CEO Vlad Tenev expressed optimism after the U.S. Securities and Exchange Commission introduced a five-year, time-limited regulatory exemption for blockchain-based tokenized stock trading. Under the SEC’s “Innovation Exemption,” qualifying platforms can allow trading of tokenized U.S.-listed shares. The SEC set limits on eligible stocks, volumes and participants, and required tokenized trading to stop if the underlying stock is halted. Issuers must be notified and may object within 30 days.

Crypto

Bitwise CIO says U.S. SEC proposal not enough to fully open Wall Street doors

Bitwise Chief Investment Officer Matt Hougan said the U.S. Securities and Exchange Commission\'s latest crypto regulatory proposal does not fully open the door to Wall Street, but only opens a few doors among many. He said institutional money will treat crypto infrastructure like mainstream finance only after many small, complex rule changes build up. Hougan highlighted Rule 611 and market fragmentation as key issues and said standardisation, clearer rules and interoperability are needed.

Finance

Nasdaq to buy remaining stake in Level Markets as it pursues 24-hour markets

Nasdaq has reached a final agreement to buy the remaining stake in Level Markets, the United States’ third-largest alternative trading system operator. Fintech Futures reported the acquisition is part of Nasdaq’s strategy to build always-on global market infrastructure. The closing date and purchase price were not disclosed. Level Markets runs an anonymous dark pool for institutional block trades. Nasdaq has also sought to extend trading hours for NMS stocks and ETPs to 23 hours a day, with implementation planned for early in the third quarter of 2026.