Robinhood Says Stock-Token Volume Already Tests SEC Exemption Caps

• —The SEC's five-year exemption lets approved Tokenized Securities Venues trade tokenized stocks without registering as exchanges
• —Caps: Tier 1 allows 75 symbols and 0.25% of a stock's average daily volume; Tier 2 allows 250 symbols and 2.5%
• —Robinhood's existing Stock Tokens are debt securities issued by a Jersey entity and are not offered to U.S. users
• —Robinhood plans to add voting rights and in-kind one-to-one redemption to meet the exemption's rights rule