Altcoin froth meets real-asset rails. Vlad explains why Robinhood built an L2, how tokenized stocks—and even private shares like OpenAI/SpaceX—could trade on-chain, and what that means for accreditation, access, and the public/private wall. Plus: DATs, DTCC in a tokenized world, and AI that formally proves smart contracts.

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Robinhood co‑founder/CEO Vlad Tenev joins to explain Robinhood Chain, why they chose a Layer 2 over a Layer 1, and the plan to bring tokenized stocks — including private shares — on‑chain. We get into the OpenAI/SpaceX kerfuffle, accreditation rules, and whether permissionless tokenization erodes the public/private boundary. Then we zoom out to 24/7 trading, Digital Asset Treasuries, and how formal verification (Lean proofs) could make smart contracts safer.

Show highlights

🔹 Robinhood Chain L2 vs. L1 – Why Vlad Tenev chose a Layer 2 over a Layer 1 for tokenized stocks and real-world assets.

🔹 Tokenized Stocks & Private Shares – How Robinhood could put U.S. equities and private company equity (OpenAI, SpaceX) on-chain via SPVs and secondaries.

🔹 OpenAI/SpaceX Tokenization Debate – Issuer consent vs. permissionless exposure: what the kerfuffle reveals about private markets on-chain.

🔹 Retail Access & Accreditation Reform – Moving from wealth-gated accreditation to disclosure + self-certification so more investors can participate.

🔹 Ex-US Rollout for Tokenized Equities – Stablecoin-style playbook with KYC/geofencing and permissionless assets where allowed.

🔹 24/7 Trading for Stocks – From 24/5 to 24/7 markets; what this means for DTCC, transfer agents, and market plumbing.

🔹 Wallet + Chain + Custody Stack – Vertical integration advantages: pricing, UX, and liquidity when Robinhood owns more of the rails.

🔹 Digital Asset Treasuries (DATs) – Yield dynamics, mNAV compression, and how DATs stack up against staking ETFs.

🔹 Memecoins vs. Real Assets – “You can buy memes but not OpenAI” paradox and why investor-protection rules feel backward.

🔹 AI-Verified Smart Contracts – Lean proofs, formal verification, and reducing smart-contract risk beyond manual audits.

🔹 Harmonic’s “Aristotle” – Vlad’s AI hitting IMO gold-medal-level math performance and what that means for code safety.

🔹 Robinhood’s Next Decade – Retail super app → B2B/institutional rails and ex-US expansion for tokenized finance.

Hosts:

⭐️ Haseeb Qureshi, Managing Partner at Dragonfly ⭐️ Robert Leshner, CEO & Co-founder of Superstate⭐️ Tarun Chitra, Managing Partner at Robot Ventures⭐️ Tom Schmidt, General Partner at Dragonfly 

Guest:

⭐️ Vlad Tenev, CEO & Co-founder of Robinhood

Timestamps

00:00 Intro

01:52 L2 vs. L1 Trade-Offs

04:19 Tokenized Stocks on Robinhood Chain 

07:56 Private Markets Onchain

16:10 Accreditation Reform & Compliance 

21:47 24/7 Trading for Equities

31:05 Public vs. Private Boundary

32:59 Memecoin Paradox vs. Real-Asset Tokenization

35:27 Digital Asset Treasuries (DATs) 

37:50 Robinhood’s Business Mix 

41:38 Retail to Institutions: Global Expansion

46:44 Harmonic AI & Lean Proofs

54:48 Safer Smart Contracts Beyond Manual Audits

Disclosures

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