PANews reported on May 20 that, according to Forbes, online brokerage Robinhood submitted a 42-page proposal to the U.S. SEC, proposing to establish a federal regulatory framework for tokenized real-world assets (RWA). The core content of the proposal includes: requiring the establishment of legal equivalence between asset tokens and underlying assets; building a "real-world asset exchange" (RRE) with a hybrid architecture of off-chain matching and on-chain settlement; and integrating Jumio and Chainalysis' compliance tools.

According to reports, if the proposal is approved, the framework may provide a compliance path for traditional financial institutions to participate in on-chain asset transactions. The SEC has not yet responded to the proposal, and analysts point out that it faces implementation challenges such as tax policies and cross-border regulatory coordination. Robinhood's move marks its strategic transformation from a retail broker to a financial infrastructure provider.