USA vs EU: Four states restrict staking, why is Robinhood CEO getting anxious

Robinhood CEO Vlad Tenev’s recent remarks hit the pain point of the US crypto industry. The staking feature is one of the most demanded products by users, yet it is blocked in four states due to regulatory uncertainty. Meanwhile, the same feature has already been opened to users in the EU. This is not just a product issue but a sign that US leadership in crypto innovation is being eroded.

Regulatory Deadlock Behind the Four-State Dilemma

Currently, Robinhood users in California, Maryland, New Jersey, and Wisconsin still cannot access the crypto staking feature. This is not a technical problem nor a platform reluctance, but a result of unclear regulatory frameworks.

Besides staking, stock tokens are also facing a cold reception. These products have been successfully launched in the EU market, but in the US, they remain unavailable. Tenev’s statement was straightforward: the US is clearly lagging behind in promoting crypto innovation domestically.

The Long Road of the Market Structure Bill

Tenev calls on the US Congress to advance legislation on the crypto market structure, seen as a key step to clarify token regulatory boundaries. But the reality is sobering.

According to the latest news, a relevant Senate committee recently delayed the review of this critical bill. Disputes over tokenized assets, decentralized finance, and stablecoin incentives have increased the difficulty of progress. More painfully, some US crypto platforms have publicly expressed reservations about the bill’s revision direction, fearing certain clauses may stifle innovation.

What does this mean? It means that even if the bill eventually passes, it might be a “discounted version.”

The CEO’s Core Demands

Tenev emphasizes three key points:

• The US needs to take a leadership role in global crypto policy-making, rather than follow or lag behind
• Clarify the legal attributes of digital assets to provide stable expectations for enterprises and users
• Legislate to protect consumers while unleashing innovation

These demands sound idealistic, but they reflect the harsh reality. When regulatory frameworks are unclear, platforms either play it safe or risk penalties. Robinhood has chosen the former, but at the cost of user experience and competitiveness.

Why This Matters

This is not just Robinhood’s problem but a microcosm of the entire US crypto industry.

Although the EU has strict regulations, its framework is clear. Platforms know what they can and cannot do, which actually promotes innovation more effectively. The policy deadlock in the US is suppressing industry growth potential and sending a global signal: America’s influence in the crypto space is waning.

From a broader perspective, this concerns whether the US can maintain its leadership in technology and financial innovation in the Web3 era.

Future Outlook

Tenev states that communication with bipartisan lawmakers is ongoing. Although the legislative process faces challenges, a feasible path has been seen. This means:

• There is still hope for the progress of the Market Structure Bill, but the timeline may be extended
• Restrictions in the four states may gradually be lifted, but not overnight
• The US crypto policy framework is slowly taking shape, though its efficiency remains low

Summary

Robinhood CEO’s appeal reflects a harsh reality: the US crypto industry is being hampered by policy uncertainty, and its pace of innovation is noticeably slowing. Restrictions in four states on staking and the inability to launch stock tokens are concrete manifestations of the regulatory deadlock. The gap with the EU is a stark warning.

What is needed now is action from policymakers, not continued waiting. For the industry, the progress of the Market Structure Bill warrants ongoing attention, as it could be the key to breaking the deadlock. In the short term, users in the four states will still find it difficult to access staking, but based on policy signals, this situation will not last forever.