There is one hurdle if Coinbase wants to run a trading venue directly under the exemption. Its exchanges use central limit order books, while the SEC framework is built around automated market makers (AMM).
That means, the Goldman report noted, Coinbase would need new infrastructure or could route activity through AMM-based decentralized exchanges, for example to protocols on Base.
Robinhood expected to adjust for U.S. market
Robinhood could also benefit, even though its current offshore stock tokens do not fit the SEC framework.
Those products provide price exposure to U.S. shares through a derivative without conveying the full ownership rights required under the exemption. Goldman analysts said Robinhood would need additional product development to offer a compliant version in the U.S.
It became a flashpoint earlier this month when movie theater operator AMC Entertainment’s CEO criticized Robinhood for offering AMC-linked stock tokens without the company’s approval. The SEC’s new framework gives issuers the right to object before third-party tokenized versions of their shares can begin trading.
Still, Citizens analysts expect Robinhood to move quickly given the traction of its tokenized-equity offering outside the U.S. and its broader push around its Arbitrum-based Robinhood Chain.
Robinhood CEO Vlad Tenev already signaled this week that more shareholder features, including share redemptions and voting rights, will be added to the stock tokens.
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