Tokenization of Real-World Assets & Crypto Regulation | Lucas Moskowitz (Robinhood GC)

Описание: Lucas Moskowitz, General Counsel at Robinhood, returns to the Technically Legal Podcast for a wide-ranging conversation on the tokenization of real-world assets and the evolving regulatory landscape for cryptocurrency.

Lucas shares an update on Robinhood’s growing and maturing customer base, noting that while the platform remains a hub for first-time investors, it is expanding into advisory services, retirement matching, and broader financial education initiatives designed to support users throughout their financial lives.

The conversation then turns to crypto regulation and the possibility of legislative clarity under a new administration. Lucas explains what tokenization of real-world assets (RWAs) actually means, breaking down how blockchain technology can expand access to private markets, art, and real estate by enabling fractional ownership, increased liquidity, and faster settlement.
We also explore the legal and technical distinction between “native” tokens and “wrapper” products, Robinhood’s approach in the EU, and why the United States risks falling behind jurisdictions like Europe and Asia if regulatory frameworks fail to evolve.

Key Takeaways
Robinhood’s Evolution: The platform now serves 26 million customers. While roughly half are first-time investors, Robinhood is expanding into advisory and retirement products to support users across their financial lifecycles.
Crypto Regulation: The industry is moving from “regulation by enforcement” toward potential legislative clarity. Lucas discusses the importance of comprehensive market structure and stablecoin legislation for long-term durability.
Tokenization Explained: Tokenization is the digital representation of a real-world asset on a blockchain, enabling fractional ownership, increased liquidity, and faster settlement for traditionally illiquid assets like private equity or art.
The “Wrapper” Model: Lucas explains Robinhood’s EU offering, where users trade a tokenized “wrapper” representing shares of U.S. stock held in custody—distinct from issuing native tokens directly on-chain.
Why Lawyers Should Care: Tokenization is not just a securities issue. It is poised to impact the documentation, transfer, and ownership of real-world assets, including real estate deeds and commercial contracts.

Robinhood RWA Policy Paper: Read the policy papers mentioned in the episode regarding Tokenization (https://cdn.robinhood.com/assets/robi...) .

Editing and Production: Grant Blackstock

Theme Music: Home Base (Instrumental Version) by TA2MI (http://blocsonic.com/releases/bsmx0145)