Concerns over “debanking” and banking access for the UK crypto sector have moved onto the parliamentary agenda, with a new inquiry set to examine whether crypto firms and consumers face barriers to core financial services.

On Monday, the Crypto and Digital Assets All-Party Parliamentary Group (APPG) announced it will investigate how restrictions on account access and crypto-related transactions may affect investment, competition, and broader economic growth. The group says it will assess whether any limits are proportionate and has opened written submission requests to banks, payment providers, crypto businesses, and other stakeholders until Aug. 31, ahead of publishing its findings and recommendations.

Key takeaways

• The APPG inquiry will focus specifically on access to banking services for UK crypto businesses and consumers, including limits that may restrict crypto-related payments and transfers.
• UK Cryptoasset Business Council (UKCBC) data cited by the inquiry claims banks blocked or delayed 40% of transactions to crypto platforms across 10 exchanges in a January survey.
• Most surveyed exchanges reportedly saw more customers experiencing blocked or limited transfers over the prior year and described the UK banking environment as increasingly “hostile.”
• UKCBC is urging the FCA to require banks to differentiate between firms based on regulatory status and controls rather than applying uniform restrictions.
• Industry commentary warns that the upcoming UK crypto licensing framework could lose practical value if approved firms still struggle to access mainstream banking.

A parliamentary inquiry into banking access

The Crypto and Digital Assets APPG’s announcement frames the debate around whether barriers to banking services are limiting the sector’s ability to grow within the UK. According to the group, the review will examine how restrictions influence investment decisions, competitive dynamics, and economic outcomes—and whether existing banking practices meet a proportionality standard.

The inquiry also signals a potential policy collision: while the UK is moving toward a new regulatory approach for crypto firms, banks and payments providers may still treat many crypto activities as inherently high risk. The APPG’s request for submissions will allow financial institutions and market participants to make the case for both sides, including how fraud and money-laundering risk assessments are applied in practice.

UKCBC survey highlights blocked transfers and reduced willingness to invest

A January survey conducted by the UK Cryptoasset Business Council (UKCBC) is central to the debate. The council’s report (linked in the APPG-related coverage) states that, among 10 crypto exchanges surveyed, banks blocked or delayed 40% of transactions to crypto platforms.

It also claims that 70% of respondents said the restrictions had reduced their willingness to invest, expand, or hire in the UK. The exchanges referenced in the survey include Coinbase, Kraken, Gemini, OKX, Bitpanda, Luno, Uphold, Wirex, Zumo and Xapo Bank.

Within that same survey, eight of the 10 respondents reported increased instances over the prior year where customers experienced blocked or limited transfers. Seven described the overall banking environment for digital asset businesses as becoming more “hostile.”

The survey further alleges that one exchange observed nearly £1 billion (about $1.35 billion) in transactions declined by banks over a year. The figure, as described in the referenced material, covers rejected card payments and transfers initiated through open banking, while abandoned or blocked transactions via other channels were excluded.

Industry pressure: banks should distinguish by risk, not blanket restrictions

UKCBC has urged the UK’s Financial Conduct Authority (FCA) to push banks toward more targeted approaches—requiring differentiation between exchanges based on regulatory status, governance, and fraud controls rather than applying the same constraints to every platform.

Yuriy Brisov, a partner at London-based consultancy Digital & Analogue Partners, told Cointelegraph that while banks have legitimate obligations to manage fraud and money-laundering risks, he argues that controls should scale with risk level rather than be applied uniformly. He said proportionality should depend on whether measures distinguish between high-risk and low-risk cases, adding that, in his view, current practices do not consistently do so.

Brisov cited blanket policies and fixed transaction caps that may apply regardless of where funds are destined—whether to an FCA-registered exchange or an unlicensed offshore platform.

He also pointed to potential incentives created by payment fraud reimbursement rules. Since October 2024, payment providers have generally been required to reimburse eligible fraud victims for losses of up to £85,000 per claim under faster payments-related requirements described by the UK Payment Systems Regulator (PSR). Brisov argued this can encourage banks to block crypto-linked transactions rather than assess them individually, effectively shifting the risk-management burden away from case-by-case evaluation.

Licensing timeline raises a “hub” inconsistency

The APPG inquiry comes as the FCA prepares to accept authorization applications from crypto firms starting Sept. 30. Brisov said this scheduling creates a contradiction between the government’s stated ambition to build a global crypto hub and the continued use of banking restrictions against exchanges, including firms already registered under the FCA framework.

His core argument is that once a regulator licenses a firm, banking decisions should not treat that entity as unknowable in risk terms. He said supervisors should ask banks to provide written reasons if they still consider regulated firms effectively “untouchable,” suggesting that clearer justification could become a key theme of any parliamentary or regulatory follow-up.

Policy changes are already in motion. HM Treasury laid the Cryptoassets Regulations before Parliament in December 2025, with the full regime expected to take effect in October 2027. The industry question, according to Brisov, is whether regulatory authorization will translate into practical access to the payment system.

Brisov argued that licensing would have limited value if approved crypto businesses remain unable to access mainstream banking channels. In his view, a country positioning itself as a crypto hub cannot keep its payment infrastructure effectively closed to the industry it licenses.

What to watch next

As the APPG collects submissions through Aug. 31 and the FCA moves toward crypto authorization applications beginning Sept. 30, the key uncertainty for the sector is whether policymakers can drive a more risk-sensitive approach from banks and payment providers—or whether restrictions will persist even after new licensing rules take effect. Investors and builders will likely look for signals around whether any guidance or enforcement will target “proportionality” in a measurable, bank-by-bank way.

• Ethereum (ETH) has gained 8.8% in a week as momentum strengthened.
• BlackRock’s ETHA helped drive fresh spot ETF inflows.
• $2,000 remains Ethereum’s next major resistance level.

Ethereum has extended its latest recovery, climbing above the $1,900 level and putting the $2,000 mark back into focus.

The recovery comes after several weeks of improving price action, renewed institutional interest, and technical signals that suggest bulls have regained control in the short term.

At press time, ETH was trading at $1,942.56, up 4.2% over the last 24 hours.

The cryptocurrency is up 8.8% over the past seven days, 9.7% over the last two weeks, and 12.3% during the past month, highlighting a steady recovery after months of weaker performance.

Technical momentum builds as ETH approaches key resistance

Ethereum’s latest rally has brought it close to an important technical zone.

The cryptocurrency briefly traded just below $1,947, leaving it only a few dollars away from testing the upper end of its 24-hour range.

Several technical indicators have turned more constructive during the recent advance.

ETH has moved above both its 20-day and 50-day exponential moving averages (EMAs), a development that often reflects improving short-term momentum.

At the same time, the Relative Strength Index (RSI) has climbed close to 70, indicating strong buying activity while also suggesting traders may watch for increased volatility if the rally accelerates.

According to crypto analyst Javon Marks, Ethereum has also broken above a long-standing descending trendline.

Marks believes the breakout could represent the early stages of a broader recovery if buyers manage to defend recently reclaimed support levels.

$ETH continues to hold in presumably its largest accumulation phase ever and a resulting bull move out of it can be MONSTROUS!

We continue to target levels at:

$5000
$8500
$12000

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Ethereum looks ripe… pic.twitter.com/NVRJZdNHdF

— JAVON⚡️MARKS (@JavonTM1) July 20, 2026

The first major resistance zone now sits between $1,950 and $2,150.

A sustained move through that area would strengthen the bullish structure and shift attention toward higher technical targets.

Beyond that zone, analysts are monitoring additional resistance levels around $2,501, $2,970, and $3,349.

Those levels would need to be cleared before Ethereum could challenge stronger resistance near $3,728, $4,108, and eventually its previous all-time high of $4,946.05, which was recorded in August 2025.

ETF inflows and institutional accumulation support the recovery

The latest price gains have coincided with renewed institutional demand for Ethereum.

Spot Ethereum exchange-traded funds (ETFs) in the United States have returned to positive net inflows after an extended period of outflows.

Among the largest contributors has been BlackRock’s ETHA fund, reinforcing signs that institutional investors are once again allocating capital to Ethereum.

Corporate treasury activity has also remained in focus.

BitMine added another 7,430 ETH during its latest reporting period.

Although that represented its smallest weekly purchase since adopting its Ethereum treasury strategy, the slowdown has been linked to the company nearing its stated objective of controlling approximately 5% of Ethereum’s circulating supply rather than a change in its investment strategy.

BitMine now holds roughly 5.777 million ETH, representing close to 4.8% of the existing supply. Around 85% of those holdings are staked, generating an estimated $247 million in annual staking rewards.

The company has also shifted part of its capital allocation toward a $4 billion share buyback programme, while maintaining its long-term Ethereum position.

1/
BitMine provided its latest holdings update for July 20, 2026

$11.5 billion in total crypto + “moonshots”:
– 5,777,468 ETH at $1,879 per ETH per ETH (per @coinbase)
– 207 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $58 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 20, 2026

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Ethereum price outlook

From a technical perspective, $2,000 remains the most significant psychological barrier in the near term.

Analysts expect that level could require several attempts before a decisive breakout occurs.

On the downside, traders are watching the $1,900 area as the first layer of support, with $1,879 and the recent intraday low near $1,854 serving as additional levels that could determine whether the current uptrend remains intact.

The broader long-term outlook also continues to attract attention.

Marks has previously identified potential upside objectives of $5,000, $8,500, and $12,000 if Ethereum maintains its long-term market structure and successfully clears successive resistance levels.

Another long-term technical projection places a possible target near $6,941, although reaching that level would require ETH to overcome multiple resistance zones over time.

But for now, Ethereum’s immediate focus remains much closer.

After reclaiming the $1,900 level and trading near $1,942, the next test for buyers is whether the cryptocurrency can establish a sustained move above $2,000, supported by improving technical momentum, renewed ETF demand, and continued institutional participation.

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“Large Bitcoin whales have been building up their positions over the last two months, while medium-sized wallets have been selling. This divergence in behaviour could be a ‘constructive signal’ for BTC in the medium term, according to CryptoQuant [data],” Alex Kuptsikevich, the chief market analyst at FxPro, said in an email.

Blockchain analysis firm Glassnode noted that the market looks much more balanced now than it did a month ago.

“Overall, the market appears increasingly balanced, with long-term conviction providing support while speculative participation remains contained,” it said.

There are also signs of growing participation in BTC futures and options. Recently, a trader (or group of traders) purchased large bull call spreads in bitcoin, targeting $72,000 by month-end.

In short, the buyer profile right now appears diverse

Risks, however, remain. The most important near-term headwind is U.S. Treasury bond issuances, which could drain liquidity from the system and weigh on risk assets.

“Treasury bill settlements are expected to result in net new issuance of $56 billion, followed by an additional $37 billion on Thursday and a smaller coupon settlement of $13 billion on Friday. Treasury bill issuance will likely remain heavy until Labor Day, creating a headwind for risk assets as we move through the summer,” Mott Capital Management’s Founder Michael Kramer said in a blog post.

Nigeria’s President Bola Ahmed Tinubu has signed an executive order aimed at reducing what his administration described as the fragmentation of digital-asset regulation. The move is intended to align oversight across agencies, improve protections for consumers, and create a clearer compliance environment for businesses operating in cryptocurrencies and stablecoins.

According to a statement from Tinubu’s special adviser, Bayo Onanuga, the order—signed on Friday—sets out a framework to “harmonize” regulation of virtual assets, strengthen cooperation among Nigeria’s financial, revenue and capital markets bodies, protect citizens from fraud, and “safeguard the integrity of the financial system while enabling responsible innovation.”

Key takeaways

• Nigeria’s executive order is designed to coordinate existing regulators rather than create a new authority or transfer powers.
• A new virtual asset council will be chaired by senior representatives from major financial regulators to steer related policy.
• Registration requirements are expected to be tied to the “nature of the activity” and the specific asset involved, addressing gaps that previously allowed some operators to avoid oversight.
• Nigeria’s tax authority, the Nigerian Revenue Service, is preparing additional guidance following earlier reforms requiring crypto providers to link transactions to tax identifiers.
• The policy shift comes amid rapid stablecoin and crypto inflows into Nigeria, including a major share of sub-Saharan Africa’s stablecoin activity since 2019, per an IMF report.

Executive order targets regulatory gaps without changing mandates

Onanuga emphasized that the executive order does not create a new regulator or reallocate statutory powers. Instead, he said each institution retains its mandate and independence, while the new framework is meant to coordinate their work “rather than replacing it.”

The adviser also indicated that Nigeria plans to provide clearer certainty for market participants by basing registration on how an actor participates in the market and what type of asset is involved. In the administration’s framing, the order is intended to “close the gaps” that allowed certain unregistered operators to avoid supervision.

For investors, exchanges, payment firms, and other service providers, the core practical question is not whether regulators will become stricter overnight, but whether coordination will be more predictable. Fragmentation often translates into overlapping compliance demands or enforcement uncertainty; a harmonized approach can reduce friction while still increasing the barriers for entities that previously operated outside established oversight.

A virtual asset council to coordinate policy across regulators

The executive order establishes a virtual asset council, led by senior figures from Nigeria’s top financial regulators, with responsibility for directing related policies. The intention, as described by the administration, is to strengthen cooperation across agencies that oversee different parts of the broader financial system.

That matters because digital assets span multiple regulatory domains: market conduct, financial stability concerns, anti-fraud measures, taxation, and capital markets oversight. When these responsibilities are distributed without tight coordination, businesses can face inconsistent rules depending on which agency is driving enforcement at a given time.

Nigeria’s approach appears to be aimed at consolidating how policies are directed across agencies while leaving each regulator’s formal legal powers intact—an arrangement that could improve consistency without triggering the disruption that sometimes comes with sweeping institutional restructuring.

Tax reforms continue: Nigeria links crypto activity to identifiers

Beyond the coordination effort, the executive order also points to tax administration updates. Onanuga noted that the Nigerian Revenue Service would provide additional details about the effects on taxpayers, while earlier measures suggest the direction of travel is already underway.

In January, Nigerian authorities said that under the Nigeria Tax Administration Act, crypto service providers were required to link transactions to tax identification numbers. In some situations, national identification numbers were also required.

The policy emphasis on identifier-linked reporting is particularly relevant in a market where cross-border activity and informal rails can complicate compliance. If Nigeria tightens data requirements while harmonizing regulator oversight, firms operating locally may need to upgrade their onboarding and transaction-record systems to demonstrate that counterparties and transactions can be mapped to the relevant tax records.

The next watchpoint is how the “additional details” referenced in the executive order translate into enforceable operational requirements—such as what data formats will be expected, how compliance will be assessed, and how reporting obligations interact with existing rules for different classes of digital-asset services.

Rapid stablecoin adoption increases pressure for clearer rules

Nigeria’s regulatory attention comes as digital asset usage has expanded quickly. According to a June report from the International Monetary Fund (IMF), Nigeria accounted for about 60% of stablecoin inflows within sub-Saharan Africa since 2019. The IMF also reported that Nigeria had approximately $59 billion in crypto inflows between July 2023 and June 2024, citing the scale of activity tied to crypto demand in the region.

The IMF also framed Nigeria’s policy challenge as balancing innovation with risk control. In its discussion of stablecoin adoption, the institution said the problem is to “narrow the gap that made the workaround attractive” in cross-border payments while ensuring that “new risks remain contained.” The IMF added that doing so requires “a clear strategy: open to innovation but anchored in sound macroeconomic policy and effective regulation.”

That framing highlights a tension policymakers often face: stablecoins can meet real user needs—especially when traditional payment channels are costly or slow—but they can also introduce compliance, consumer protection, and financial integrity risks if governance is unclear. Nigeria’s executive order is positioned as an attempt to bring those risks under a more coordinated regulatory umbrella while keeping the market open for “responsible innovation,” in the administration’s wording.

The meaningful change from a practical standpoint will be whether harmonization leads to consistent enforcement and clearer registration pathways. The administration’s commitment that registration follows the nature of the activity and the asset suggests rules may be tiered rather than one-size-fits-all, which could help regulators target higher-risk activities while reducing uncertainty for lower-risk providers.

What to watch next

Market participants should focus on how the new virtual asset council operationalizes guidance, how registration requirements will be defined by activity type and asset category, and what specific compliance and reporting updates the Nigerian Revenue Service issues following earlier identifier-based tax reforms.

Polymarket traders sharply raised the odds of the Clarity Act becoming law this year after reports that President Trump reportedly agreed to the ethics provision that had stalled the bill.

The market pricing whether the crypto market structure bill is signed into law in 2026 rose to about 43% on the predictons market on Monday, compared to 32% on Friday. This was its lowest level since the market started trading in January.

The jump tracked a series of reports that the final sticking point in months of negotiations had been cleared.

Democrats have not seen the bill text, a source familiar with the matter told CoinDesk, and no text has been publicly released. The White House and the offices of the senators involved had not commented.

Ethics has been the last major obstacle to the Clarity Act, which would create the first comprehensive federal framework for digital assets and split oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Bitcoin pushed past one-month highs on Tuesday, breaking above the $65,000 area and reaching $66,000 on the back of strengthening short-term momentum. According to TradingView data cited by the market, BTC/USD hit a high of $66,306 on Bitstamp—levels last seen on June 17.

The move appears to be drawing in traders who were previously watching for confirmation through nearby resistance. At the same time, derivatives activity suggests the latest breakout is beginning to spill over into liquidations and higher-beta positioning heading into the end of July.

Key takeaways

• BTC/USD traded at $66,306 on Bitstamp, the first time above $66,000 in more than a month.
• Traders cited $67,000–$68,000 as the next resistance zone, with one analyst suggesting 5%–6% upside could follow if reclaimed.
• CoinGlass reported roughly $200 million in cross-crypto liquidations over 24 hours as the breakout accelerated.
• QCP Capital flagged “some demand” for higher Bitcoin options pricing into late July, implying dealers may be positioned in a way that can amplify upward moves.

From failed $65,000 attempts to a clean break higher

Price action had repeatedly met resistance around $65,000, with a “series of rejections” in that zone failing to fully cool enthusiasm. Still, traders continued to reference upside levels above $67,000, while pointing to upcoming psychological markers such as $70,000.

One widely followed market commentator, trader Jelle, wrote on X that BTC had “reclaimed the range lows” and was “now pushing higher.” In the same analysis, Jelle described the 65,000 to 67,000 band as resistance from the earlier Q1 range, adding that it “might not put much of a fight” given how quickly BTC moved through it on the way down.

“The area between 65 and 67k is resistance from the Q1 range, but given how we sliced through it on the way down – it might not put much of a fight up here either. Eyes on those 70k range highs if so.”

Liquidations rise as traders reposition

As Bitcoin moved through range highs, short liquidations began to build. CoinGlass data, cited in the article, put total cross-crypto liquidations at about $200 million over the prior 24 hours—an indicator that leverage is being stress-tested as the market reprices.

Another trader highlighted the same nearby structure. Ted Pillows argued that reclaiming $65,000 shifts attention to $67,500–$68,000 as the next major resistance, framing the breakout as leaving Bitcoin “some room to pump.” Pillows further suggested that if BTC can reclaim the $68,000 level, a fast continuation higher could follow.

“If BTC manages to reclaim the $68,000 resistance too, it could rally another 5%-6% very quickly.”

Not all voices were convinced the rally reflected broad spot demand. Commentator Exitpump cautioned on X that there was “very little real buying interest” and pointed instead to derivatives dynamics—specifically the idea that closing short positions can help drive price higher. That distinction matters for traders: rallies powered mainly by squeeze mechanics can accelerate quickly, but they may also reverse faster if spot participation doesn’t keep up.

Options positioning and the macro calendar ahead

beyond spot price levels, the article points to derivatives and options flows. Trading firm and market maker QCP Capital said it observed “some demand” for higher Bitcoin bets into the end of July, according to a “QCP Market Colour” note referenced in the report.

QCP’s framing is important because it implies not just directional interest, but a specific positioning profile in options markets. The firm said dealers are short upside gamma into the 28–29 July FOMC window, which can raise the odds of an “accelerated move higher” if market stress or macro uncertainty eases. In other words, if price starts climbing and options hedging flows kick in, volatility and directional momentum can reinforce each other.

“This positioning leaves dealers short upside gamma into the 28 to 29 July FOMC meeting, increasing the potential for an accelerated move higher should tensions around the Strait of Hormuz ease.”

QCP also connected the setup to the broader geopolitical situation, referencing an ongoing focus on the Strait of Hormuz and the potential impact on global oil routes. The link is indirect for crypto, but it feeds into macro risk appetite—something investors often watch for when crypto moves in tandem with wider risk assets.

Macro expectations were also part of the backdrop. The report notes that the US Federal Reserve would hold its next interest-rate meeting on July 29, with chair Kevin Warsh potentially providing additional guidance. It further cites CME Group’s FedWatch Tool probabilities: 83.4% that the Fed keeps the current policy target range of 3.50%–3.75% at the July 29 meeting, and 53.8% for a hike to 3.75%–4.00% at the Sept. 16 FOMC meeting.

That calendar is relevant to Bitcoin traders because catalysts around central bank policy can shift liquidity conditions and risk-taking behavior quickly—especially when derivatives positioning creates leverage to amplify price moves.

What to watch if the breakout holds

Bitcoin’s jump above $66,000 suggests momentum is returning, but the next phase hinges on whether the market can convert that breakout into a sustained trend. Traders cited $67,000–$68,000 as the most immediate hurdle; passing through that zone would likely determine whether the market stays in “squeeze and continuation” mode or transitions into a more stable range.

Heading into the end-of-July FOMC window, readers should also watch for signs of whether options-driven risk appetite grows—or whether commentary about “little real buying interest” proves more prescient. If upside gamma effects are indeed in play, volatility could rise sharply around key macro moments; if not, the move may fade after the initial liquidation wave.

Bernstein analysts have lifted their price target for Robinhood Markets to $160 from $130, arguing that the company’s next growth phase will be driven more by tokenized equities and prediction markets than by conventional crypto trading. In a research note released on Monday, Bernstein kept an “Outperform” rating on the stock, which was last seen trading around $101 at the time of publication.

The investment firm’s central thesis is that Robinhood’s expansion into financial applications on-chain is still early, and that prediction markets could become its fastest-growing segment. Bernstein forecasts segment revenue of $1.7 billion by 2028, implying a 64% compound annual growth rate.

Key takeaways

• Bernstein raised Robinhood’s price target to $160 from $130 and maintained an Outperform rating.
• Analysts expect prediction markets to become Robinhood’s fastest-growing business, reaching $1.7 billion in segment revenue by 2028.
• Tokenized equities are framed as a major long-term opportunity tied to Robinhood’s push into blockchain infrastructure.
• Bernstein points to Robinhood Chain—an Arbitrum-based layer-2—as the firm’s proprietary route to building on-chain financial products.
• Industry momentum is highlighted by new integrations aimed at bringing shareholder governance tooling to tokenized securities.

Why Bernstein is betting on prediction markets

Bernstein’s upgrade is rooted in a shift from “crypto trading first” to “financial markets on-chain.” While the report doesn’t suggest traditional crypto activity will disappear, it places prediction markets at the center of Robinhood’s near-to-medium term growth story.

According to the analysts, prediction markets are positioned to scale faster than many other adjacent lines of business because they map closely to trading behavior and user engagement patterns already familiar to Robinhood customers. Bernstein’s segment revenue projection—$1.7 billion by 2028—also signals that it views this category as more than a pilot product.

Investors will likely focus on whether Robinhood can convert early adoption into durable volume and retention, particularly as the competitive landscape evolves. The report frames prediction markets as a “battleground” area alongside other market products that can benefit from on-chain infrastructure, but the key question remains whether growth matches Bernstein’s expectations as the category matures.

Tokenized equities and Robinhood Chain’s role

Beyond prediction markets, Bernstein highlighted tokenized equities as a long-term opportunity. The analysts connected this to Robinhood’s investment in blockchain infrastructure, specifically calling out Robinhood Chain—an Arbitrum-based layer-2 network—as the company’s proprietary foundation for tokenized real-world assets.

The report’s emphasis is not only on tokenization itself, but on the ability to build on-chain financial products without relying on third-party blockchains. That distinction matters commercially: if Robinhood can control key infrastructure layers, it may reduce integration friction and speed up product iteration, though the market will still require regulatory and operational clarity as tokenized securities expand.

Bernstein also argued that tokenization is becoming a foundational layer for capital markets. It projected that on-chain real-world assets could rise to between $2 trillion and $4 trillion by 2030, compared with roughly $35 billion today. The analysts further expect tokenized equities to capture an increasing share of that growth as adoption extends beyond areas such as Treasury instruments and private credit.

For traders and builders, the practical implication is that tokenized equities are increasingly tied to mainstream market infrastructure—not just crypto-native rails. If that plays out, Robinhood’s strategy would benefit from the broader shift toward digitized settlement, programmable compliance, and infrastructure that can support capital markets workflows end-to-end.

Wall Street accelerates governance for tokenized securities

The Bernstein note landed amid continued progress in tokenization infrastructure—particularly around the capabilities needed for investors to exercise rights in tokenized formats. On Monday, brokerage infrastructure provider Alpaca and Broadridge Financial Solutions announced they integrated Broadridge’s shareholder governance tools into Alpaca’s Instant Tokenization Network.

Per the announcement, the integration adds functions such as proxy voting, investor communications, and regulatory disclosures for tokenized securities. The stated goal is to offer governance rights comparable to those available to holders of traditional shares.

That matters because governance is one of the most concrete “real world” hurdles for tokenized markets. It’s not enough to tokenize ownership; participants also need operational pathways for voting, disclosures, and other mechanisms that align with existing securities frameworks.

The integration follows a partnership disclosed last week between tokenization platform Securitize and investment bank Cantor Fitzgerald, aimed at developing infrastructure for blockchain-based initial public offerings and follow-on equity offerings while operating within existing US securities regulations. Together, these developments suggest an increasing focus on making tokenized instruments usable at scale, not just technically feasible.

Momentum in the tokenized stocks category is also reflected in market sizing. According to RWA.xyz, the asset class has grown to nearly $2 billion in market value this year, underscoring that tokenized equities are still early but no longer confined to isolated experiments.

What to watch as Robinhood’s thesis meets execution

Bernstein’s upgrade frames Robinhood’s roadmap around two overlapping themes: prediction markets as the fastest path to meaningful segment revenue growth, and tokenized equities as a longer-duration structural bet supported by infrastructure investments such as Robinhood Chain. The next phase for investors will be whether execution and regulatory readiness can keep pace with the market narrative.

Key signals to monitor include product rollout and performance in prediction markets, plus measurable progress toward wider tokenized equity adoption—particularly where governance tooling and compliant issuance infrastructure are required. With Wall Street simultaneously building the connective tissue for tokenized securities, the competitive advantage may shift toward companies that can operationalize these capabilities quickly and reliably.