The current US rules block a major financial shift that can open investments in private markets for everyday investors through tokenization, CEO of Digital Brokerage Robinhood Vlad Tenev said.

In a statement on Wednesday for the Washington Post, Tenev said that many companies with high growth such as Openai, SpaceX and Stripe are increasingly avoiding becoming public, limiting the investment access to a small circle of wealthy investors and expanding investment gap between retail investors.

Tokenization of private equity through blockchain technology, which supports crypto markets, would give retailing access to businesses early in their growth phase and lowered barriers while holding proper information and investor protection, Tenev argued.

“The world tokenizes and the United States should not be left behind,” Tenev wrote. “It’s time to update our conversation about crypto from Bitcoin and MEME coins to what blockchain really enables: A new era of ultra-inclusive and customizable investment suitable for this century.”

However, US regulators, especially Securities and Exchange Commission (SEC), have not yet provided a clear framework and rules to register security tokens, while other key markets such as the EU, Singapore and Abu Dhabi are already moving on in this area he said.

He suggested to create a security root registration framework as an alternative to IPOs, providing clear guidelines for exchanges and brokers to support tokenized assets and update accredited investor rules to provide access based on financial knowledge instead of wealth.

Tokenization is a thriving sector at the intersection of crypto and traditional funding that can become a multi-drillion market in this decade, per year. Forecasts by McKinsey, BCG, 21Shares and Bernstein. Institutions and even governments are increasingly investigating placing assets in the real world as bonds, funds and raw materials and real estate on blockchain rails in a digital token form to achieve faster settlements and wider investor benefit.

Tenev is the latest high -profile leader in the financial world that shows tokenization and calls for clear rules for tokenized securities. Larry Fink, CEO of $ 10 trillion Active Manager Blackrock, recently said tokenization is the next border that will change markets, and called on SEC in a CNBC interview to quickly “approve” tokenization of shares and bonds.