PANews reported on June 9 that according to Decrypt, Johann Kerbrat, senior vice president and general manager of Robinhood Crypto, said in an interview that investor qualification requirements should be revised to give ordinary investors more opportunities to participate and give full play to the advantages of tokenization. Kerbrat said that blockchain technology can help startup founders raise funds transparently and maintain control, but under current US regulations, 90% of the population cannot participate due to income and other restrictions. In the IPO process of startups, the intervention of intermediaries can easily expose founders to risks such as equity dilution and loss of control, and trading venues will also charge fees.

He believes that the qualification of investors should not be determined by salary, but by education level to see whether investors are aware of the risks of early investment. In April this year, he submitted a letter to the US SEC, suggesting that qualification certification include knowledge testing and self-certification. Kerbrat emphasized that technology is not a factor hindering the development of tokenization, but outdated rules are.