Analysts Name Coinbase, Robinhood and Circle as SEC Tokenised-Stock Exemption Beneficiaries

Goldman Sachs and Citizens analysts have identified Coinbase, Robinhood and Circle as the likeliest near-term beneficiaries of the Securities and Exchange Commission‘s five-year innovation exemption, which opens a path for qualifying tokenised U.S. stocks to trade through automated market makers on public blockchains. To qualify under the framework, tokens must preserve shareholder rights including dividends and voting, while trading venues face caps on volume and the number of stocks they can list.

Coinbase appears best positioned across multiple dimensions. Goldman Sachs noted that its existing tokenised-equity offering already mirrors many of the SEC’s requirements, and its institutional custody arm and Coinbase Tokenize infrastructure business give it additional surface area to capture activity. One structural question is whether Coinbase can serve as a trading venue directly: its exchanges use central limit order books, whereas the exemption is built around automated market makers, meaning Coinbase would need to build new infrastructure or route flow through AMM-based decentralised exchanges such as protocols on its Ethereum-based Base network. Coinbase CEO Brian Armstrong stated earlier in the week that voting rights are coming soon, which would close a remaining gap in token-holder parity.

Robinhood faces a more substantive rebuild. Its current offshore stock tokens deliver price exposure through a derivative structure rather than full ownership, which does not meet the exemption’s requirements. The company drew attention earlier in the month when AMC Entertainment’s chief executive objected to Robinhood offering AMC-linked tokens without the issuer’s consent, a practice the new SEC framework would curtail by giving issuers an explicit right of objection. CEO Vlad Tenev has signalled that share redemptions and voting rights will be added to the tokens, and Citizens analysts expect Robinhood to move quickly given the momentum of its offshore tokenised-equity offering and its Arbitrum-based Robinhood Chain. Circle, meanwhile, stands to benefit indirectly: both Goldman and Citizens flagged USDC as a natural candidate for settlement and collateral as tokenised securities activity grows.