Robinhood Markets Inc. (HOOD) CEO Vlad Tenev took to social media Wednesday to vent about something that's been bothering him: Americans are getting left behind when it comes to crypto innovation, and he's had enough of the legislative logjam causing it.
The Staking Problem
Here's the situation. Staking is one of the most requested features from Robinhood users, according to Tenev. But the company can't offer it in California, Maryland, New Jersey, or Wisconsin because of state-level regulations. It's the kind of patchwork regulatory environment that makes rolling out financial products in the U.S. feel like navigating a legal minefield blindfolded.
And it gets better: Robinhood's European customers can access tokenized stocks, but Americans in the company's home market cannot. That's right—the platform built for retail investors in America offers more innovative products abroad than it does at home.
Tenev Wants Congress to Step Up
"It's time for the U.S. to lead on crypto policy. Let's pass legislation that protects consumers and unlocks innovation for everyone," Tenev stated in his post.
He expressed support for congressional efforts to pass a comprehensive cryptocurrency market structure bill, though he acknowledged there's still considerable work to be done before anything becomes law.