Pushing for Democratized Blockchain Financing, Regulatory Overhaul Is Key
As blockchain technology continues to evolve, its potential within financial markets is garnering increasing attention.
Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, has once again urged U.S. regulators to revisit and reform the current accredited investor rules to align with the era of tokenization and foster broader market participation.
In a public discussion on the future of crypto finance, Kerbrat pointed out that the U.S. system’s current investor eligibility thresholds significantly limit the ability of ordinary individuals to participate in emerging on-chain asset markets.
Under existing U.S. securities laws, most people are excluded from early-stage startup funding and blockchain projects due to income or net worth requirements. “We cannot let the benefits of technological innovation be reserved for only a select few,” he said.
Disintermediation
Kerbrat views tokenization not merely as a new fundraising method but as a mechanism for restructuring financial processes. By issuing tokens on-chain that represent equity or other assets, startups can directly reach potential investors—bypassing traditional intermediaries like venture capital firms, private equity funds, and investment banks—thus retaining more equity and control. “This model brings greater transparency and efficiency, reduces costs, and fosters broader community support,” he emphasized.
As a platform with millions of retail users, Robinhood is actively building the infrastructure for future blockchain-based asset trading. According to Kerbrat, if regulatory conditions permit, Robinhood could enable more entrepreneurs to access capital by connecting directly with its user base via on-chain fundraising, thereby improving both fairness and efficiency in capital markets.
Policy Proposal: From “Wealthy” to “Informed”
Rather than relying solely on income or net worth, Kerbrat suggests regulators adopt an assessment framework based on educational background, financial literacy testing, and risk comprehension. In a formal proposal submitted to the U.S. Securities and Exchange Commission (SEC) this spring, he advocated for investor qualifications to reflect an individual’s understanding and judgment rather than purely financial means.
“Someone who understands the risks—even without earning $200,000 a year—could be more cautious and rational than many high-net-worth individuals,” he argued. “True investment eligibility should be based not just on wealth, but on informed decision-making.”
Tokenization Is Becoming Reality
Globally, tokenized assets are gaining traction. From stocks and bonds to real estate, various real-world assets are making their way onto the blockchain. Just last month, crypto exchange Kraken announced a new Solana-based stock trading service for European users. Meanwhile, traditional financial giants like BlackRock are exploring blockchain’s potential to enhance asset management and settlement efficiency.
Executives at firms like Blackstone and BlackRock have acknowledged tokenization’s potential to enable T+0 settlement, significantly improving liquidity and reducing operational costs. Kerbrat echoed this sentiment: “We are at a pivotal moment. The technology is ready—but the rules are stuck in the past.”
He called on the U.S. to establish a federally led, nationwide regulatory framework to avoid market fragmentation caused by differing state policies. Only when the regulatory environment is fully aligned with the logic of digital assets, he emphasized, can tokenization evolve from a niche concept into a mainstream capital markets tool.
He concluded: “Whether tokenization becomes mainstream doesn’t hinge on technical readiness—but on whether we are prepared to update outdated rules.”