Introduction: Not Just Crypto, But Stocks

On May 19, 2026, the SEC is preparing to do something that was unimaginable a few years ago: allowing crypto-native platforms like Coinbase to offer tokenized U.S. stock trading during a light regulatory experimental period—not through merging with brokers, not through partnerships with traditional exchanges, but by directly accessing the $93 trillion U.S. stock market as a crypto platform. The implication for Coinbase and Robinhood is not just a new product, but a fundamental expansion of their business model boundaries.

1. Coinbase: A Key Step from Crypto Exchange to "Everything Exchange"

The last piece of Coinbase's "Everything Exchange" strategy—allowing users to trade crypto, stocks, prediction markets, and tokenized assets through a single interface—is the compliant pathway for tokenized stocks. The launch of zero-commission traditional stocks in March 2026 was the first step in acquiring users; the implementation of the SEC exemption framework will be the second step in opening the compliant path for tokenized stocks. Between these two steps, Coinbase has made it clear that "tokenized stocks will not be provided through its brokerage subsidiary"—indicating that it is awaiting a different regulatory framework, which is on the way.

Nasdaq's approval in March and ICE's platform development demonstrate that traditional exchanges are also racing to establish their own tokenized infrastructure before "Project Crypto" is implemented. However, Coinbase's advantage lies in its simultaneous ownership of the largest retail crypto user base in the U.S. (tens of millions), Base blockchain infrastructure, and the institutional client channel of Coinbase Prime—a combination that no traditional exchange has.

2. Robinhood: EU Testing Ground is Operational, Waiting for Exemption Signals in the U.S.

Robinhood's EU tokenized stock business serves as its "sandbox" aimed at U.S. regulation: 100 U.S. stocks and ETFs have been tokenized through special purpose vehicles, accumulating real user behavior data and operational experience. The construction of an L2 blockchain is its technical preparation for integrating tokenized stocks into a broader on-chain financial ecosystem.

If the SEC exemption is implemented, Robinhood will be the platform best positioned to replicate its EU experience in the U.S. market quickly—because it has already built the product, only lacking a compliance signal. The competition between it and Coinbase will focus on who can allow ordinary U.S. users to hold Apple stocks and Bitcoin in the same account more quickly and at lower cost.

The SEC's tokenized stock exemption framework has not yet been officially released, but its direction is already clear enough: crypto-native platforms are gaining policy permissions to enter the traditional stock market. Coinbase and Robinhood, two platforms proven to possess different resiliencies in the crypto cycle over the past few years, will compete over the same user base under the same regulatory framework with entirely different product paths. The results of this competition will provide quantifiable answers through product releases and user data within this year.

Data Source: https://bbx.com/ Crypto concept stock information database, compiled based on global public company announcements and SEC/TSE disclosed documents from yesterday.

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