Robinhood stock rises with Bitcoin amid CFTC crypto proposal

Robinhood shares were up 8.58% at $119.23 at publication on Friday alongside Bitcoin. The CFTC cleared the way for developers of passive software to connect users with regulated derivatives products without registering as brokers. The providers must avoid handling customer money and directing trade execution. The exemption remains in place until the CFTC finalizes formal rules. The SEC opened a temporary five-year window for approved venues to offer blockchain-based versions of U.S. stocks. The digital shares must preserve rights such as dividends and voting power. Trading must pause when the underlying stock exchange halts trading. Robinhood CEO Vlad Tenev said 200 tokenized U.S. stocks were trading through the company's international arm across more than 120 countries. U.S. customers cannot access that offering for now. The CLARITY Act fell 11 votes short of the 60 needed to advance in the Senate. Senator Cynthia Lummis was the bill's leading advocate.