Washington’s effort to redraw the rules for crypto is running into turbulence, but Robinhood is not backing away.
As Senate negotiations drag on, Vlad Tenev has positioned Robinhood as one of the more vocal advocates for moving U.S. crypto legislation across the finish line. Rather than focusing on the legislative delays themselves, Tenev framed the moment as a missed opportunity for American leadership – one that directly affects what retail investors can and cannot access today.
Key Takeaways
Robinhood is publicly pushing for faster progress on U.S. crypto rules, citing unmet demand from users.
Senate committees delayed key votes, highlighting growing political and industry friction.
Coinbase pulled support over concerns about DeFi, tokenized stocks, and regulator overreach, though talks are expected to continue.
Other firms, including Ripple, remain committed to shaping the bill rather than abandoning it.
Demand without permission
On social media this week, Tenev pointed to a growing mismatch between what users want and what platforms are allowed to offer. Features such as staking and tokenized equities attract strong interest on Robinhood, he said, yet remain sidelined in parts of the U.S. because regulators have not clearly defined who oversees what.
From Robinhood’s perspective, the absence of a unified framework is not just a policy issue but a competitive one. While other regions move ahead with defined crypto rules, U.S. platforms are left navigating uncertainty, often choosing caution over innovation.
A bill caught in political crosswinds
The legislation at the center of the debate is meant to untangle years of regulatory overlap by dividing responsibility between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Lawmakers have pitched it as a foundational reset that would finally clarify how stablecoins, tokenized assets, and decentralized finance fit into U.S. law.
Instead of advancing this week, however, momentum stalled. The Senate Banking Committee abruptly canceled a planned markup, and a parallel review by the Senate Agriculture Committee was also pushed back. The pause underscored how fragile consensus has become, even among lawmakers who broadly support crypto regulation.
Industry unity breaks down
Adding to the uncertainty, Coinbase stepped away from backing the current draft. CEO Brian Armstrong argued that the bill, as written, could shut down tokenized stocks, constrain DeFi activity, limit stablecoin incentives, and hand excessive authority to the SEC.
People familiar with Coinbase’s review said the company believes those flaws can be corrected, but not without significant revisions. For now, its withdrawal exposed deeper disagreements within the industry over how far regulation should go.
Others stay engaged
Not every major player followed Coinbase’s lead. Brad Garlinghouse publicly signaled that Ripple will remain involved in shaping the final language, calling the process a necessary step toward long-term certainty. His message was clear: walking away now risks leaving the rules to be written without industry input.
Robinhood echoed that stance. Tenev suggested that the path forward lies in negotiation rather than delay, stressing that companies are ready to assist lawmakers as they work through the remaining issues.
What the road ahead looks like
Even if the Senate resolves its internal disputes, more hurdles remain. The House has already approved its own version of crypto market legislation, meaning both chambers will eventually need to reconcile their approaches. Only after that would a final bill be sent to President Donald Trump for approval.
